First time buyer - mortgage advice needed for buying a family members house with a partner please

Jeirifhkoh646

Hi All

Any mortgage advice would be greatly appreciated please as we are first time buyers!!

I’m looking at buying a first property with my partner. We will be buying my Dads house that we currently live in.
 

It’s worth approximately £430k and I will be gifted £200k off the property. Any advice appreciated.

Edi81

You’ve not given much info but sounds ok as long as you meet affordability. 

Main thing is getting agreed up front what happens if you and partner split up. 

TheSpectator

Jeirifhkoh646 said:

Hi All

Any mortgage advice would be greatly appreciated please as we are first time buyers!!

I’m looking at buying a first property with my partner. We will be buying my Dads house that we currently live in.
 

It’s worth approximately £430k and I will be gifted £200k off the property. Any advice appreciated.

Will your dad be living there?

grumpy_codger

You'll probably find some useful information in this recent thread: Buying Family Home at Below Market Value - Stamp Duty

ACG

As TheSpectator says, will your dad be remaining there? 
If so, then it could be a problem as it is technically a gift with strings attached which most lenders do not like. Its not a deal breaker but something to overcome. 

Also as mentioned, ensure there is something written up to explain what happens to the equity if you split as your partner could walk away with £100k the day after you complete. 

Jeirifhkoh646

No my dad won’t be living here.

Thanks all for the advice so far!

Hoenir

Does you father own another property? 

Jeirifhkoh646

Hoenir said:

Does you father own another property? 

@hoenir yes he does, would that cause any issues?