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Deposit Source
alifeforfriend
Posts: 70 Forumite
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Comments
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This should have been treated as a concessionary purchase and directed toward a lender happy to accept such cases.
Most lenders will treat this is a price reduction only and not class it as part of your deposit.
Inform your lender immediately, and perhaps even discuss the alternative with a/your broker if you have one.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »This should have been treated as a concessionary purchase and directed toward a lender happy to accept such cases.
Most lenders will treat this is a price reduction only and not class it as part of your deposit.
Inform your lender immediately, and perhaps even discuss the alternative with a/your broker if you have one.
Can i treat this as a deposit which i have already paid to the seller to secure the property? and seller would be able to confirm that0 -
Only if you have chosen a lender which accepts that.
99% of the lending market will not accept any element of vendor gifted deposit.
As I said, I can think of a lender which will treat a price reduction from a landlord to a sitting tenant as part of their deposit via a concessionary purchase approach.
If that isn't acceptable to your lender, the money will simply be knocked off the price of the property and your deposit will be only the cash you yourself put in.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Have you applied direct to a lender or via a broker?
This is a classic case of making your own decisions on how things work and running off in the wrong direction.
You are about to waste time and money unless you resolve this.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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The smart borrower would engage a mortgage broker to ensure this does not end in tears.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Lenders often delegate deposit issues to the solicitor who is acting for them as well as for you, in most cases.
However, the solicitor has to establish the lenders position on such issues as gifted deposits, loan repayments etc so what appears to have not caused a ripple now, may be tsunami-esque just before exchange of contracts.
Getting all this lined-up right at the outset is the benefit in using a broker.
Which lender are we talking about here? It's difficult to know what will happen without knowing which lender we're dealing with.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Lenders often delegate deposit issues to the solicitor who is acting for them as well as for you, in most cases.
However, the solicitor has to establish the lenders position on such issues as gifted deposits, loan repayments etc so what appears to have not caused a ripple now, may be tsunami-esque just before exchange of contracts.
Getting all this lined-up right at the outset is the benefit in using a broker.
Which lender are we talking about here? It's difficult to know what will happen without knowing which lender we're dealing with.[/QUOTE0 -
Sorry, direct only.
Can't tell you how they will react, I'm afraid.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I'd hazard a guess though. Badly.0
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