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  • Mortgages & Finance

    Discounted purchase for BTL - Repayment BTL

    Is it possible to buy a BTL property from a father, without putting down a deposit because the father sells it for son with 30% discount, is there any lenders which will consider it ?

    If I buy a BTL on repayment mortgage, how will the lender check the affordability ? Is it possible with lenders what they just need a minimum income ? (I have income but just from my property portofolio, the rental income)

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    Don't forget parents  will pay full capital gains on the property's market value, not its sold price, even if they sell property cheaply to their son/daughter. That is if the property is not main residence ( tax free) and liable to capital gains tax after allowances.

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    As per J Stuart Thompson's posting, there are quote a few lenders who allow a family sale under value. I completed one for a client recently, just under 75% LTV where the daughter didn't contribute a penny to the deposit, but the lender accepted the equity as the deposit. Secured a very good rate too.

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    __________________________________________________________________

    BTL's, residential mortgages, bridging, life cover and estate planning  

    http://www.hdconsultants.net        

    For Commercial Finance, complex BTL and HMO funding, development finance, international and expat mortgages, and portfolio BTL mortgage services Assured Funding website.

    Telephone: 07751042485      01206 654444


    I am not talking about the lender but the tax implications.  The lender does not care what price the property is as long as it stacks up for lending requirements.

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    This is something which on the face of it lenders don't like but it is really just about discussing the case with the lenders. The worst case would be a purchase price at full market price and then a gifted deposit.

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    Chartered Accountant, Tax Advisor and Mortgage broker

    (and BTL portfolio owner)

    stuart@johnsonsca.com

    02039077022