Concessionary purchase (Family)
Our standard acceptability
Indicates if we accept concessionary purchase applications where the current owner is related to one of the applicants. For example, Mr Smith has agreed to sell a property he owns to his grandson (Joe) for £150,000. The property is worth £200,000. Joe wishes to purchase the property for £150,000 and would like a lender who will use the difference between the property value and the purchase price as a deposit (£50,000).
We can accept the equity being 'gifted' as the deposit for a family purchase. The family member who is the vendor must vacate the property and not retain a financial interest.Criteria categories:
- concessionary and undervalue transactions
29 August 2018