Mortgage Question

Mrwarman2022

Hi All,

Newbie here.. Hello

Just a quick question, my parents have purchased a property for me outright and want me to only pay half of the property back via a mortgage.. how would i go about this as when I look on websites it says new home etc but this isn't a new home as its already been purchased and we are living in it.

Any help would be fantastic

Thank you

K_S

@mrwarman2022 Assuming that I understand your post correctly, you want to buy the property from your parents at 50% of the actual value and you already live in the property?

It's called a 'concessionary purchase' and plenty of lenders will consider the case. If your parents will be living in the property after completion, your pool of lenders will be a bit smaller.

I would recommend getting in touch with a broker who can look at the whole case and give you a realistic idea of your options. Please see here for MSE guidance on how to find one 
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3 

Mrwarman2022

Thank you for your reply, the house is already purchased and is in my name.. I just need to now get a mortgage to pay back 50% of the property value if that's possible?

K_S

Mrwarman2022 said:

Thank you for your reply, the house is already purchased and is in my name.. I just need to now get a mortgage to pay back 50% of the property value if that's possible?

@mrwarman2022 Ah ok, that should be simpler as you are looking to release cash from a currently unencumbered property. Most lenders will see this as a 'capital-raise remortgage' and you just need to find one that is happy to lend what you need.

Mrwarman2022

Thank you, i will start looking for a decent broker