I am buying a property from a family member for a discounted price. Will lenders accept the discount as my deposit?
Indicates if a lender accepts 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). Not all lenders will accept the discount as the deposit and may require the borrower to put down a deposit of their own in addition to the discount.
What is Criteria Brain?
Criteria Brain is an online research tool for UK based mortgage advisors. Authorized advisors are able to research mortgage lenders criteria in granular detail across many lenders. Without a system like this, the advisors research phase can often take many hours and for complex cases, days, which results in frustrating delays to customers. Criteria Brain fixes this problem by providing a platform which lenders can upload their rules to, in a format that allows advisors to extract the precise information they need in great detail and very quickly. The information contained within Criteria Brain is for advisor use only but by completing the simple form, you could be speaking to an advisor who can answer this question and many more.