100% Mortgage on property

hand

Hi there, I'm hoping someone may be able to provide some advice for me. I'm currently trying to get a 100% mortgage but my situation is a bit strange. My partner and I don't have any kind of deposit and we have quite a bit of debt. My partner's parents own a flat worth £170,000 but have said they would like to sell a share of it to us to get us on the property ladder. They're looking at selling around £130,000 to us and keeping the remaining percentage for themselves. They own the flat outright so they have no mortgage on it. Has anyone come across a situation like this?? How do I go about securing a mortgage for a part of the property and making sure they're secured for the other percentage of it?? Am I making any sense at all?? :-)

grumbler

Hi
May be I am wrong and don't understand something, but IMHO all this can make sense for you only if you expect that the flat price will rise more than 6% (at least) a year. Otherwise the parents get money (what for?) and you are losing money on paying interest instead of saving and earning interest.
Most obvious problems:

• For this kind of mortgage you are unlikely to get good interest rate.
• How are you going to release money in case you need it?