Mortgage for parents house

[MunkeyBoy]

At the moment I live with my parents with 3 brothers. My parents have offered to sell their house to myself and one of my brothers for �160,000. This is obviously a lot less than the property is worth so I am very keen to put an offer in.

My question is me and my brother earn a joint annual income of just �30,000 would it be possible to get a mortgage of �160,000 and where would we get this from?

Also does everything work in the same way as if we were buying off someone we didn't know or are things different if we buy from our parents?

Re-payments wouldn't be so much of a problem because the house is four bedrooms so we could rent out two of the rooms for some more income but is there someone out there willing to provide us with a mortgage for this amount?

P.S. neither of us have any credit problems of debts of any kind.

Thanks

[AliFlump]

My Boyfriend and i have an annual joint income of 34,500  pounds (my pound sign dont work) and could only get a mortgage for  75,000 pounds, that was only a 95% mortgage so we had to put down a deposit of 4000 pounds to get to the 79,000 we needed. I do think you will struggle to get a mortgage for that amount but if you visit an indepenant mortgage advisor they may be able to come up with a solution. We used a company called Mortgage talk who sorted out EVERYTHING for us

hope that helps

[eash]

Log onto www.spf.co.uk where you can get mortgage advice and/or contact details to speak to an advisor directly. Good Luck! 

[cherrybomb]

You and your brother must also consider that should either of you get married (assuming you are single at the moment, and get a mortgage) a property in joint names means that if one of you dies that share of the property passes to the other, not to the widow or children.