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  • FIRST POST
    • SophieAlexis84
    • By SophieAlexis84 25th Apr 17, 6:43 PM
    • 15Posts
    • 0Thanks
    SophieAlexis84
    FTB - Deposit Problems
    • #1
    • 25th Apr 17, 6:43 PM
    FTB - Deposit Problems 25th Apr 17 at 6:43 PM
    Evening all -

    So we are now at the next hurdle(s) of our mortgage journey.

    Background
    We are due to get married next year
    We have 3 children together
    We live in Scotland

    We are currently trying to apply for a mortgage and after getting declined by NatWest have managed to up the deposit to 10%. Initially we were trying to apply for the mortgage in my partners name only. However after speaking with a new broker the have said that we cannot do this as the deposit is being gifted by my parents.

    After a quick search I have discovered that Halifax seem to be okay with this. Does anyone know if this is still the case?

    Our only other option is to submit a joint application but I am in a DMP and after downloading my credit report it transpires that there has been some messing around with dates when debt has been purchased. For example I entered the DMP in July 13 but Halifax have now sold this debt on and from my report it looks like the DMP only began this year.

    Also I have noticed that Barclay Card seem to have only applied a default once the debt was sold in 2015 nearly 2 years after I began the DMP, so I have a default date from then and then another one was applied from the new creditors when they purchase so technically I have 2 default dates for the same debt?

    Are we totally at a loss here and just gave to accept that buying a house just isn't for us?
Page 1
    • SophieAlexis84
    • By SophieAlexis84 25th Apr 17, 9:49 PM
    • 15 Posts
    • 0 Thanks
    SophieAlexis84
    • #2
    • 25th Apr 17, 9:49 PM
    • #2
    • 25th Apr 17, 9:49 PM
    Could my parents transfer it to our daughters account and then we use it from there or is that just messing around really?
    • ACG
    • By ACG 25th Apr 17, 9:57 PM
    • 15,751 Posts
    • 8,046 Thanks
    ACG
    • #3
    • 25th Apr 17, 9:57 PM
    • #3
    • 25th Apr 17, 9:57 PM
    You can do a joint application with one or 2 lenders. I can not comment on specific lenders but if you/your broker does the research properly I think there will be a way to get your Mortgage - without going down the route of mortgage fraud (transferring money to your daughter then to the applicant).
    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.
    • Thrugelmir
    • By Thrugelmir 25th Apr 17, 10:08 PM
    • 55,802 Posts
    • 49,169 Thanks
    Thrugelmir
    • #4
    • 25th Apr 17, 10:08 PM
    • #4
    • 25th Apr 17, 10:08 PM
    Halifax may not be a good idea to approach seeing as you've defaulted on them.
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • hounsehunterftb
    • By hounsehunterftb 26th Apr 17, 12:09 AM
    • 94 Posts
    • 98 Thanks
    hounsehunterftb
    • #5
    • 26th Apr 17, 12:09 AM
    • #5
    • 26th Apr 17, 12:09 AM
    Could my parents transfer it to our daughters account and then we use it from there or is that just messing around really?
    Originally posted by SophieAlexis84
    I wouldn't do anything along this path as there are stringent money laundering checks

    Play by the rules and keep things transparent with your mortgage broker. Good luck!
    • ukamber1
    • By ukamber1 26th Apr 17, 9:16 AM
    • 105 Posts
    • 30 Thanks
    ukamber1
    • #6
    • 26th Apr 17, 9:16 AM
    • #6
    • 26th Apr 17, 9:16 AM
    Evening all -

    So we are now at the next hurdle(s) of our mortgage journey.

    Background
    We are due to get married next year
    We have 3 children together
    We live in Scotland

    We are currently trying to apply for a mortgage and after getting declined by NatWest have managed to up the deposit to 10%. Initially we were trying to apply for the mortgage in my partners name only. However after speaking with a new broker the have said that we cannot do this as the deposit is being gifted by my parents.

    After a quick search I have discovered that Halifax seem to be okay with this. Does anyone know if this is still the case?

    Our only other option is to submit a joint application but I am in a DMP and after downloading my credit report it transpires that there has been some messing around with dates when debt has been purchased. For example I entered the DMP in July 13 but Halifax have now sold this debt on and from my report it looks like the DMP only began this year.

    Also I have noticed that Barclay Card seem to have only applied a default once the debt was sold in 2015 nearly 2 years after I began the DMP, so I have a default date from then and then another one was applied from the new creditors when they purchase so technically I have 2 default dates for the same debt?

    Are we totally at a loss here and just gave to accept that buying a house just isn't for us?
    Originally posted by SophieAlexis84
    Doing a "sole application" when you both living in property, isnt for everyone and there is risks that you need to think long and hard about..... I'm no expert but if you really do want to do a sole application in your partners name, I'm sure there is a few Lenders that will accept gifted deposit from your parents. Your parents would need to sign something to say it is a "gift" for your partner and that they will have no interest in the property. They also have to show where the funds came from to keep within money Iaundering rules. You will also need to sign a form from the Lender to say, the Lender can take the property back if anything happened to your partner.....Yes, at the end of the day, the Lender would have more rights on the property than you, as you would not be named on the mortgage or the deeds. Maybe your current broker isnt "whole of the market" so is limited on the Lenders he can try, which is why he said it would be difficult. Your options might be limited and it might mean you dont get the best deal on the market BUT I'm sure there are Lenders that would accept your parents "gift deposit" for your partners mortgage.....The only thing I dont know is, as you are not yet married, that might be an issue, as your partner has no connection "yet" with his future in-laws(the gifters). So it might be a case of trying to find a Lender that takes "gifted deposit" from a 3rd party.........as mentioned, I'm no expert so finding a good broker to look into that, might help answer your questions....

    As you can see, lots to think about....best wishes
    Last edited by ukamber1; 26-04-2017 at 9:29 AM.
    • SophieAlexis84
    • By SophieAlexis84 26th Apr 17, 9:59 AM
    • 15 Posts
    • 0 Thanks
    SophieAlexis84
    • #7
    • 26th Apr 17, 9:59 AM
    • #7
    • 26th Apr 17, 9:59 AM
    Halifax may not be a good idea to approach seeing as you've defaulted on them.
    Originally posted by Thrugelmir

    I most definitely will not be going on that application, just my partner
    • SophieAlexis84
    • By SophieAlexis84 26th Apr 17, 10:03 AM
    • 15 Posts
    • 0 Thanks
    SophieAlexis84
    • #8
    • 26th Apr 17, 10:03 AM
    • #8
    • 26th Apr 17, 10:03 AM
    You can do a joint application with one or 2 lenders. I can not comment on specific lenders but if you/your broker does the research properly I think there will be a way to get your Mortgage - without going down the route of mortgage fraud (transferring money to your daughter then to the applicant).
    Originally posted by ACG
    Thank you so much. I am pretty confident that there must be a lender out there but trying to find them is proving hard. The broker did say he was going to submit our details to a lender who should get back to him tomorrow and then try with an adverse credit lender who may high higher rates.
    Higher rates are not a problem because at present we would be paying out around £800 plus on rent yet mortgage payments (at high street rate) would be around £500!
    • peter333
    • By peter333 14th Jun 17, 8:42 PM
    • 25 Posts
    • 7 Thanks
    peter333
    • #9
    • 14th Jun 17, 8:42 PM
    • #9
    • 14th Jun 17, 8:42 PM
    Hi

    What was the outcome of this situation??

    Thankyou

    Peter
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