Main site > MoneySavingExpert.com Forums > Essential Money > Mortgages & Endowments > Vendor/builder gifted deposit (Page 1)

IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
Vendor/builder gifted deposit
Closed Thread
Views: 3,458
Thread Tools Search this Thread Display Modes
# 1
TrueBlueAngel
Old 23-04-2007, 5:05 PM
MoneySaving Convert
 
Join Date: Apr 2007
Location: Dorset
Posts: 62
Default Vendor/builder gifted deposit

My husband and I want to get on the property ladder but have found we have a default on our credit history. We were told we would not be able to get a 100% now but could try for a property with a vendor/builder gifted deposit. As we dont have savings and with little means to save with a family, how do we go about looking at vendor/builder gifted deposits? I have emailled estate agents (none of whom got back to me) and property builders (none of whom do or have even heard of a builder gifted deposit). Am I missing something, need to do more or will we never get on the property ladder?
Thanks.
TrueBlueAngel is offline
Report Post
# 2
Mr helpful
Old 23-04-2007, 5:20 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Feb 2007
Location: Headley
Posts: 3,028
Default

Gifted deposits come in a variety of forms. The deposit may be a gift from family or elsewhere but it should be a gift not a loan ie you dont have to pay it back. Vendor deposit is where the vendor pays the deposit for you and a builders deposit is where the builder or developer pays the deposit for you. these are often the easiest to get with big developers like Barretts giving deposit paid homes. Usually 5% is ok to deal with but if you can get larger ones there may be some lenders willing to help.
Estate agents dont often help with these but there is plenty of information from the search engines on the internet
How large was the default and has it been satisfied, who did you apply to for the 100%
I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)
Mr helpful is offline
Report Post
The Following User Says Thank You to Mr helpful For This Useful Post: Show me >>
# 3
toonfish
Old 23-04-2007, 5:20 PM
Serious MoneySaving Fan
 
Join Date: Feb 2004
Posts: 1,189
Default

nearly every new build development will do builder gifted deposits but beware. All they are really doing is selling th ehouse at an inflated price and if you come to sell it might not be easy to get the same price for it.

Very few lenders will look at vendor gifted deposits.

A minor default, depending on the details, may not preclude you from all the 100% deals
I am a Mortgage Adviser
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.



toonfish is offline
Report Post
# 4
TrueBlueAngel
Old 23-04-2007, 5:31 PM
MoneySaving Convert
 
Join Date: Apr 2007
Location: Dorset
Posts: 62
Default

We do believe it to be a minor default and have requested an Experian file to see what it is and to settle it asap. We are puzzled by it but it needs to be dealt with. We have applied to various online brokers rather than high street banks. We're new to all this and need as much advice/help as possible.
TrueBlueAngel is offline
Report Post
# 5
Mr helpful
Old 23-04-2007, 5:38 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Feb 2007
Location: Headley
Posts: 3,028
Default

The best thing to do is wait until you have your credit check and then discuss with no fees independent broker. There is a chance the default may not even be yours these days with identity theft. I have known people with small defaults get 100% mortgages but it is worth learning about gifted deposits as well. Often experienced buy to let investors know a fair bit about them so its worth hunting for info around the internet.
I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)
Mr helpful is offline
Report Post
# 6
katyjarvis40
Old 23-04-2007, 6:02 PM
MoneySaving Convert
 
Join Date: Dec 2004
Location: Staffs
Posts: 81
Default

Have a look on smartnewhomes.co.uk and see what builders are in your area and contact them

For our first property back in 2001 we had no savings what so ever, we used a gifted deposit of 5% from the builder, the Abbey National were fine with this, my partner also had a few defaults at the time also. Try the Chelsea who are really helpul too, we are using a gifted deposit for our new house, and they haven't blinked an eyelid, also they ignore small defaults over three years old.
katyjarvis40 is offline
Report Post
# 7
TrueBlueAngel
Old 23-04-2007, 8:23 PM
MoneySaving Convert
 
Join Date: Apr 2007
Location: Dorset
Posts: 62
Default

I've trawled the net looking at vendor gifted deposit and theres lots of advice as to what it is. But not how to go about it (unless I'm looking at it wrong). Do we just go round estate agents asking about properties that might have a vendor gifted deposit or do we look at brokers?
TrueBlueAngel is offline
Report Post
Closed Thread

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT. The time now is 3:42 AM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 23 December 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

MSE's Twitter Feed

profile