At a glance
Situation: Lillie wanted to buy her dad’s home as a concessionary purchase (buying below market value).
What made it difficult: The “deposit” was gifted equity (not cash savings) and she had a missed payment 4 months earlier. What we did: Matched the case to a specialist lender and packaged the application to clearly explain the gifted equity and the credit blip. Result: Mortgage offer issued in 11 working days.
The challenge
When Lillie first contacted us, she was understandably frustrated and close to giving up.
She wanted to buy her father’s property through a concessionary purchase. In plain English, that means the property is sold to her for less than it’s worth, and the difference in value acts as the deposit.
This can work really well in families, but many lenders don’t like it — especially when the deposit is coming from gifted equity rather than money saved in a bank account.
On top of that, Lillie had adverse credit, including a missed payment just four months earlier. For lots of high street lenders, that combination is enough to trigger an automatic “no”. She’d already been declined elsewhere.
How we helped
Instead of writing the case off, we took the time to understand the full picture and then:
- Identified a lender comfortable with concessionary purchases and gifted equity deposits
- Presented the deposit structure clearly, so the lender could see exactly how it worked
- Added the right context around the recent missed payment, so the lender assessed the case fairly
The result
Once submitted, the lender reviewed the application and understood both the purchase structure and Lillie’s circumstances. Just 11 working days later, the mortgage offer was issued.
For Lillie, it was a huge relief — after being told more than once it wasn’t possible, she was finally able to move forward with buying her father’s home.
In a similar position?
If you’re buying a property from family, using gifted equity, or you’ve been declined due to a recent credit blip, it’s worth getting proper advice. Complete our enquiry form or call us to discuss your unique situation.