How can I buy my family home as a second home?

Posted on 8 December 2013 by S Ahmad


How can I buy my family home as a second home?

Hi, I am looking to buy my family home as a second home, which is valued at £285,000 and I earn enough to cover the mortgage value. However I am unsure how to go about this. Please could you advise. Thank you.

This sounds like  'concessional family purchase' whereby you are purchasing the property for the mortgage value, rather than the open market value. While not every lender is comfortable with what you are proposing, there should be some who we can approach. The process is the same as a normal purchase, though there will usually be a requirement for your family to take independent legal advice, prior to completion.

Without knowing anymore detail, your best option is to call one of our mortgage experts to talk about your situation in more detail. They can then provide you with tailored advice to look at your next steps. If you'd like to do so, then please let me know and I'll sort a convenient time for one of them to call you.

Regards,

Simon

simon.collins@johncharcol.co.uk

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