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Buying from family member - maximum allowable ?
Pontebantam
Posts: 46 Forumite
Morning all,
I've got a query on buying property from a family member, we've got the opportunity to buy house from mother, needs a lot of work doing to it however given a value of £150,000. We've agreed we'll buy it for £35,000 so the question is does anyone know of lenders that will accept such a large 'deposit' from the vendor ? I know of some that will do 5% or 10% but this is a whole different amount !
Other issues such as tax liabilities, giftings, IHt or if she goes into a care home will be addressed separately, the key here is are there lenders that will do such a large family deposit.
Many thanks,
Vinny
I've got a query on buying property from a family member, we've got the opportunity to buy house from mother, needs a lot of work doing to it however given a value of £150,000. We've agreed we'll buy it for £35,000 so the question is does anyone know of lenders that will accept such a large 'deposit' from the vendor ? I know of some that will do 5% or 10% but this is a whole different amount !
Other issues such as tax liabilities, giftings, IHt or if she goes into a care home will be addressed separately, the key here is are there lenders that will do such a large family deposit.
Many thanks,
Vinny
Love the Lord your God
With all your heart
With all your mind
With all your soul
With all your heart
With all your mind
With all your soul
0
Comments
-
Yes there are.
It would still come down to your income, creditworthiness and specific mortgage requirements as to which one is most suitable.
Regards0
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