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Selling to our Daughter, can it be done?

Posted on 1 October 2013 by Derek


I am 70 with a interest only mortgage which finishes in Sept 2014. My daughter aged 24 wants to buy the house, with us staying on living there. She has no other properties the value of the property would be £185000 she can put down a deposit of between £20k and £40k and she earns approx £40k would she able to get a mortgage??

Derek,

Thank you for your enquiry. Mortgages for properties purchase with the intention of relatives living there normally require a deposit of 25% which is £46,250.

However, there a number of lenders which may consider this option with lower amount of deposit, though, the case will need to be thoroughly assessed as your daughter should be able to prove affordability for her own living expenses as well as the property you will be living in.

If you'd like to take your enquiry forward, please let me know and I'll arraange a suitable time for one of our consulatnts to contact you.

Regards,

Simon

simon.collins@johncharcol.co.uk

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