I want to buy my parents house off them...

[Egret M]

...but unsure of mortgage to get...? My parents have a house that I want to buy off them.
The house is worth around £160,000 and my parents have a outstanding mortgage of £100,000 on that house.
My parents are happy for me to take over the £100,000 mortgage or for me to buy the house for £100,000.

I was wondering how I should go about doing this to avoid paying over the odds.. I do not have any deposit.
1. Do I have to get a mortgage for £160,000 and then my parents give me back £60,000 after???
2. Is there anyway of my parents transferring their mortgage and house into my name?
3. Am I right in assuming that this is effectively my parents selling me the house at £100,000 even though its worth £160,000???

Thanks

[Hettie H]

Try going to this site, they have lots of information about this sort of stuff.

[beverley1156]

Your parents can sell their house to anybody for any price so this is not a problem.The situation is not clear.Are they selling it to you and moving out or are they going to continue to live in it?If you are just buying it as an investment for them to live in then you must be prepared to invest a lot of money long term so can you afford to do this? If they are moving on,then they elect to pay your deposit(on paper,no money actually changes hands) so the asking price would be plus 5% of £100k =£5 leaving you to borrow £100k on a mortgage. Hope this clears it up for you.