Keeping it in the family

August 8, 2022
Category:
Home Mover

“Nicole’s” father was looking to downsize but keen for her and her partner to buy the family home.  Though willing to be generous and let them have it at a discounted price to market value he still needed sufficient funds to buy another property.

Nicole and her partner who is a self-employed subcontractor had discovered that despite having a 5% deposit the lenders they’d approached told them it was unaffordable and they couldn’t help.

A friend of the family and former client recommended they approach Scott.  At the initial interview Scott told them certain lenders do allow borrowers to treat the difference between the actual selling price and the market value as part of a deposit.

The effect of this “Family Equity Gift” was to increase the amount they were contributing from 5-15%, thus reducing their loan to value ratio which saved them over £300 per month in interest payments which they used for improving the property.

Nicole’s Dad was impressed and asked Scott to help finance part of his property purchase. He also recommended Coastway Financial to a family friend.

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