Buying parents house without deposit?

[DeanR32]

Afternoon PH

My parents are selling their house. They've had it valued at approx £425k and have around 75k to pay off to finish up the mortgage, leaving around £350k to draw out of it.

Could I buy it for, say, £200k without a deposit (assuming I can afford it)? The mortgage would be less than half the amount of the house, but I'm not savvy on all this business.

I do already have a mortgage on a property (with minimal equity in it) and we hope to get consent to let on it.

Is it possible to get a mortgage with no deposit when it's only quite a small percentage of the property value?

Cheers for any input

[Sir Bagalot]

I suspect your Parents would have to gift you £225K equity.

Expect to pay SD on £425K and not £200K

[Sarnie]

Sir Bagalot said:

I suspect your Parents would have to gift you £225K equity.

Expect to pay SD on £425K and not £200K

^This.

It's possible with a few lenders, some will still require a deposit contribution from the applicants.......