Concessionary purchase Where Giftor Will Remain
Our standard acceptability
Indicates if we accept concessionary purchase applications where the current owner is providing a gift of equity AND WILL REMAIN IN THE PROPERTY. For example, Mr Lane has agreed to sell a property he owns to his son (Tony) for £150,000. The property is worth £200,000. Tony 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) and is happy for Mr Lane senior to remain in the property.
Family Building Society does not accept the situation where it is a concessionary purchase where the giftor will remain an occupant of the property.
Criteria categories :
- concessionary and undervalue transactions
29 August 2018