Hello, i need some advice. Me & my partner are currently saving up for a deposit on a home. We have £5,000 at the moment. My parents have a 3 bed home valued at £135,000. They have offered to let us mortgage it for £120,000 & the remaining £15,000 would be our 'gifted deposit'.
At first we though, wow amazing idea but we are having some doubts and need some second opinions.
If we accepted, then a year later decided to sell the house, say it was valued at £135,000 again. Am i right in saying we would recieve the £15,000 back? and then we could put this down as a depsoit on a new home?
Any advice would be appreciated - Are we stupid to turn this down? Or should we save our own money and forget about this?
Please help.
Thanks
Alyda
At first we though, wow amazing idea but we are having some doubts and need some second opinions.
If we accepted, then a year later decided to sell the house, say it was valued at £135,000 again. Am i right in saying we would recieve the £15,000 back? and then we could put this down as a depsoit on a new home?
Any advice would be appreciated - Are we stupid to turn this down? Or should we save our own money and forget about this?
Please help.
Thanks
Alyda
Comment