Buying my mother's house
Discussion
Okay, so I currently live with my partner in a rented £600pm cottage. We have a joint income of around £45k, but neither of us have permanent contracts - I am teacher, she works in research. Both 23 years old. We have no way of getting a house any time soon. Thing is, I know absolutely nothing about house buying, mortgages etc. Nothing.
My mother wants to move to smaller house. Anyway, she has offered us her current one. It is a nice bit, nice neighbours etc. It has been valued between £170k and £175k. I think this could be a little high; the interior is okay but by no means a high standard. A small but nice garden and garage.
Anyway, I don't know what my first step should be? She has offered me a gift of £10k towards deposit (would otherwise not get this if it wasn't her house) and the house at the £170k value. I am in Scotland, and have heard and see things about first time buyer mortgages. We will be going through everything legit and stuff.
Anyway, what could people advise?
My mother wants to move to smaller house. Anyway, she has offered us her current one. It is a nice bit, nice neighbours etc. It has been valued between £170k and £175k. I think this could be a little high; the interior is okay but by no means a high standard. A small but nice garden and garage.
Anyway, I don't know what my first step should be? She has offered me a gift of £10k towards deposit (would otherwise not get this if it wasn't her house) and the house at the £170k value. I am in Scotland, and have heard and see things about first time buyer mortgages. We will be going through everything legit and stuff.
Anyway, what could people advise?
First step would be to agree the price, but you sound a bit hesitant and not exactly sold on the property.
You would need a lender who accepts Gifted Equity as I assume your mother would just Gift you £10k of equity, not much point her giving you £10k cash only to give it back to her a few weeks later.
The nature of your employment sounds like your biggest problem. Feel free to drop me a mail if you want a more specific chat
You would need a lender who accepts Gifted Equity as I assume your mother would just Gift you £10k of equity, not much point her giving you £10k cash only to give it back to her a few weeks later.
The nature of your employment sounds like your biggest problem. Feel free to drop me a mail if you want a more specific chat
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