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Using mum to buy house

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  • Using mum to buy house

    We have found our dream home.

    The vendor prefers a cash buyer as does not think the property would get a mortgage.

    Even tho they accepted our offer, they took a lower offer from cash buyer for this certainty factor.

    We have found a mortgage provider that would give us the money as we have a big enough deposit, and can afford the payments.

    To ensure we can get it, our mum, who has the cash, is willing to back us, and provide the evidence.

    The question I would like to know is:
    If mum made a cash offer direct to agents, which was accepted, can we proceed with all the motions with bank to get valuation, conveyancing, and mortgage approval, and do the deed without the agent knowing this?

    Or, use the same paperwork as would be done for the cash purchase, and then pay mum with the mortgage and do title change then.

  • #2
    Re: Using mum to buy house

    To explain reason for this is if they accepted our current offer with proof that's fine.

    But the fact they would accept less if cash, means we could get the property cheaper!


    • #3
      Re: Using mum to buy house

      Hi Dknipe,

      Yes there is no reason your mum cannot pay cash straight away and purchase the property. You will need to look at if it is going in her name though as you could be likely for 2 lots of stamp duty dependant on the purchase price.

      After the cash purchase some lenders require you to wait 6 months but if she puts the property in her name you can then purchase it from her but the downside is you will pay the stamp duty. If its below GBP150k purchase then none is payable anyway.

      Any questions just ask away

      [email protected]