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Reduced market value

Roz3625
Roz3625 Posts: 10 Forumite
Fourth Anniversary Name Dropper Combo Breaker First Post
in House buying, renting & selling

We're buying a house from my parents at reduced market value and therefore are being given £20,000 in gifted equity.

Has anyone done this before and who did you use? I've heard some lenders are happy to include the gift towards the deposit meaning we would need less cash ourselves.

Ideally we will put between £10,000 to £20,000 in ourselves and also have the £20,000 included from the gifted equity.

This would mean we would have around £30,000-£40,000 deposit which obviously unlocks a lot more options than if we only had £10,000-20000.

I know building societies don't tend to accept this but Google says banks like TSB/NatWest do include this as a deposit but any advice from people who have done this would be great.

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