Gifted deposit question

13

Comments

  • clive80
    clive80 Posts: 25 Forumite
    Thrugelmir wrote: »
    She is connected to you. If your child even more so. As there's a financial connection.


    Hang on. But she is not borrowing any money form the mortgage lender.
    When I have made other credit agreements such as mobile contract, utilty bills, sky, all in my name they have not credit searched my partner.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    clive80 wrote: »
    Hang on. But she is not borrowing any money form the mortgage lender.

    One you declare her to the mortgage lender then the question will be why isn't she on the mortgage. As normally you would expect this to be case. Whether she financially contributes to the mortgage at the date of application is of no consequence.
  • clive80
    clive80 Posts: 25 Forumite
    The answer will be the honest one which is her credit file/rating is awful.
    if we were to try a joint application we would not clear the first hurdle!
    I am aware that this would then make my partner and child be classed as dependants.
    This of course means I could borrow less, which according to direct online calculators shows I can still borrow enough, which is fine.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    clive80 wrote: »
    The answer will be the honest one which is her credit file/rating is awful.
    if we were to try a joint application we would not clear the first hurdle!
    I am aware that this would then make my partner and child be classed as dependants.
    This of course means I could borrow less, which according to direct online calculators shows I can still borrow enough, which is fine.

    Dig yourself a hole if you wish. Not advisable as you may find yourselves blacklisted for credit for a very long time. All major lenders are members of National Hunter . Application fraud and intentional deception is taken very seriously.

    http://www.nhunter.co.uk/
  • Simon_gloster
    Simon_gloster Posts: 948 Forumite
    You'll need to do your homework via the cml website. Vendor gifted deposits are generally a no no.

    Its like you say, shes not your MIL, so it's just like me giving you the money, technically.

    Its a question the lender will ask but most of the ins and outs are done by the solicitor. If you want to say 'gift' and no questions asked, its for you to deal with of comeback happened.
  • shop-to-drop
    shop-to-drop Posts: 4,340 Forumite
    Would it be better to jointly buy the house with future MIL?
    :j Trytryagain FLYLADY - SAYE £700 each month Premium Bonds £713 Mortgage Was £100,000@20/6/08 now zilch 21/4/15:beer: WTL - 52 (I'll do it 4 MUM)
  • clive80
    clive80 Posts: 25 Forumite
    MIL would be too old to go on the mortgage!!

    Really suprised that this is such a frowned upon situation, its not as if we are telling a lie to lenders.

    Is it worth speaking to a few of the big high street lenders in local branches to see what they say?????

    Have any brokers on here had a similar scenario to this???
    Or anyone else???
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    clive80 wrote: »
    Really suprised that this is such a frowned upon situation, its not as if we are telling a lie to lenders.

    Not frowning nor playing games. Merely attempting to offer adult advice.

    "Misrepresentation is a contract law concept. It means a false statement of fact made by one party to another party, which has the effect of inducing that party into the contract."
  • Simon_gloster
    Simon_gloster Posts: 948 Forumite
    clive80 wrote: »
    MIL would be too old to go on the mortgage!!

    Really suprised that this is such a frowned upon situation, its not as if we are telling a lie to lenders.

    Is it worth speaking to a few of the big high street lenders in local branches to see what they say?????

    Have any brokers on here had a similar scenario to this???
    Or anyone else???


    I've agreed cases like these in the past, but declined a lot more. Reason...i wanted the person gifting the money to waive any righs in terms of repo and wanting their money back.

    I dont understand either your stance on it Clive. At the end of the day its not your money you want to borrow. Think of it s you are the lender and the most worse ase scenario on that app. Would you give them the money? Your situation may be different but they have to draw the line somewhere.

    Also can you 100% guarantee it'll be happily everafter for 40 years.....of course not.
  • clive80
    clive80 Posts: 25 Forumite
    Is it worth us speaking to a few of the main high street lenders in branch then to see what they say???

    Can I be clear here because it seems someone has got the wrong end of the stick, we are not attempting fraud or anything, our application will be honest and open, we are not attempting to cover anything up.

    many thanks
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