Buying a house (first time)

[madderthanapissedonchicken]

Hi,

I am looking to use the Right to Buy scheme and purchase a house. The problem is I'm £20,000 short on what they'll lend me for a mortgage.

I am thinking of asking my work or a family member if they would be able to lend me the funds for 5 years until I sold the house and then I would pay them back, and more to have made it worth their while.

2 questions:

• do you think it's a reasonable ask?

• if you were to be asked, how much more would you like to receive to have made it worth it for you?

2 more questions
Why 5 years ?
What if you can't sell in 5 years?

@TammyJones

1. Part of the Right to Buy Scheme Rules

1. I suppose upon sale would be the correct phrase

Would this be something you would consider if you had / didn't immediately need the funds?

Unless it's close relative (usually parents), most lenders will not let you use the funds as a deposit.

I don’t think it’s a reasonable ask really, no. The relative would need to say the 20k was a ‘gift’ to you, so wouldn’t really have a legal leg to stand on if you decided not to pay it back.

Good point. This is the first time I'd be buying, so I'm not aware of all the mortgage rules etc yet. We are a close family so they would no I wouldn't not return it, but it's a lot of money so yeah I can see you'd want to be legally protected

I think you'll need to look for something cheaper, as others have said you may not be able to use the money and even if someone was well off enough to lend that sort of money, they need to be really really well off to be able to think that they may lose the lot if you dont pay it back.

The legal recourse to get it back if you scarper with the funds is too much for the average person.

Sounds like you need to look for a cheaper property. I don’t think any employer would do this!

I don’t think an employer would help but a close family member might be willing to “gift” 20k which you could then use as a deposit.

You could have a private agreement to repay the cash but the family member would have to trust you as calling it a gift means they would lose their legal right to the money being repaid.