First time buyer 30% deposit bad history

neas

I know this may be a weird way of donig this but..

If your father had 30k in savings... he could 'give' you your share of the house before buying (get it valued first and agree the price of course).

Then, buy the house with the 30k deposit for 90k. Your dad gets 90k, he has already given you the 30k for deposit and your father can then pass on your sisters 30k to her.

So.

Dad = -30k - Gives you 30k to pay for house
Dad = 60k - You pay 90k for house with 30k deposit getting a 60k mortgage
Dad = 30k - Dad gives 30k to sister
Sister = 30k


End: Dad=30k, Sister=30k You=Own gouse with 30k in equity.

That would work.. but would need alot of trust in family and you to have 30k spare. Im sure someone who knows more would suggest another way but if the moeny was spare i'd say this was easiest way to do this.

AndrewSmith

It all depends in who's name the property is now registered.

If the deeds are in the name of all 3 of you then you may be able to (assuming there is no current mortgage outstanding on the property) effect an unencumbered capital raise of £60,000 and transfer of equity to buy them out.

If not it may still be possible for you to buy the property for £90,000 using a £60,000 mortgage with your father 'gifting' you the £30,000 deposit. This can be done by what is called 'discretionary deposit' between family members and is most applicable in circumstances such as yours where a father wants to sell a house to his child.

Cannot guarantee that it would be possible for you as it will very much depend on the exact specifics of the case, but definitely worth looking in to.

Andrew.