hi there, just after a bit of advice. i'm training to be a teacher & i'm trying to get a mortgage to buy my dads house. the house is paid for so i'm just kinda buying out my brother so i'm looking to get a mortgage for 55K. i've savings of 10k & at the moment i'm getting 9k per year but hopefully i'll be qualified in a year. does anyone know of any lenders i could try to sort a mortgage.
thanks in advance.

I am a First Time Buyer and my parents are willing to sell me a property which they own at a very reasonable price. My problem is that I do not have a deposit and am really struggling to find someone who will offer me a mortgage. Any advice?

Have you consulted an independent mortgage broker? There are ways that this can be approached please talk to an adviser.

Currently there are no 100% mortgages available to first time buyers and even if you could get a 5% deposit together you will struggle to obtain a suitable lender. This does not mean however there is not a solution to your problem.

If your parents are selling the property to you at a discount i.e. less than what is actually worth, you can use this discount as a deposit. For eg, if the property is worth £150K but they are willing to sell it to you for £100K you can potentially use the £50K as what is know as a 'gifted deposit'. The actual sale price will be detailed at land registry as £150K and assuming the mortgage lender values the property at this level they will accept the gifted deposit.

Mortgage lenders will only accept a gifted deposit if it comes from a direct family member. It is also important there is extra legal work involved in this transaction and your parents will need to take independent legal advice before considering the above.

I suggest you seek independent mortgage advice to discuss the whole situation in much more detail and obtain a full understanding of what is available and any implications to yourself.

Hi.
A mortgage represents a loan or lien on a property/house that has to be paid over a specified period of time. you should first decide which type of mortgage you want. You can then look for a good mortgage lender who's offering the type you want. I would like to suggest a site seascapecapital.com where you can find the right place to sell your mortgage note, deed of trust note, and other cash flow contracts in order to receive cash now. It also offers you a large sum of money in exchange for your note. To reach the site you can visit Selling Mortgage Note.


Thanks.

Iam replying to an earlier posting where the lady in question said that 100% mortgages were not available. Wrong! ubiquitous mortgages have secured me a 100% laon over 30 years at a rate of 3.58%