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  • FIRST POST
    • peter333
    • By peter333 14th Jun 17, 4:35 PM
    • 25Posts
    • 7Thanks
    peter333
    deposit from father in law
    • #1
    • 14th Jun 17, 4:35 PM
    deposit from father in law 14th Jun 17 at 4:35 PM
    hi,


    im in a situation where my future father in law wants to gift us the deposit required for our first home, my partner has bad credit history with defaults etc so were planning on not making a joint mortgage application. my credit history is perfect and I earn around 36k a year with no debt, should this be a problem using a deposit from my father in law although were not married yet??


    hes willing to sign all the papers etc required to show this is totally a gift and he doesn't want repaying,


    also he is my daughters grandparent??


    any help would be much appreciated..


    thankyou
Page 1
    • kingstreet
    • By kingstreet 14th Jun 17, 5:32 PM
    • 32,385 Posts
    • 17,392 Thanks
    kingstreet
    • #2
    • 14th Jun 17, 5:32 PM
    • #2
    • 14th Jun 17, 5:32 PM
    my future father in law wants to gift us the deposit required for our first home, my partner has bad credit history with defaults etc so were planning on not making a joint mortgage application, should this be a problem using a deposit from my father in law although were not married yet??
    Originally posted by peter333
    Yes. It will be an issue for many lenders.

    Get independent broker advice to ensure you don't approach the wrong ones.
    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.
    • kingstreet
    • By kingstreet 14th Jun 17, 7:01 PM
    • 32,385 Posts
    • 17,392 Thanks
    kingstreet
    • #3
    • 14th Jun 17, 7:01 PM
    • #3
    • 14th Jun 17, 7:01 PM
    Most lenders will accept gifted deposits from blood relatives of the applicant only.

    You need to seek independent broker advice as suggested earlier.
    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.
    • peter333
    • By peter333 14th Jun 17, 7:19 PM
    • 25 Posts
    • 7 Thanks
    peter333
    • #4
    • 14th Jun 17, 7:19 PM
    • #4
    • 14th Jun 17, 7:19 PM
    yes I have a broker appointment booked for next Wednesday, I have an aip in place with NatWest and there mortgage advisors over the phone seem to think it wont be a problem as long as I show them and my solicitor proof of where money has come from etc and that it is not a loan
    • Pixie5740
    • By Pixie5740 14th Jun 17, 8:35 PM
    • 11,202 Posts
    • 15,655 Thanks
    Pixie5740
    • #5
    • 14th Jun 17, 8:35 PM
    • #5
    • 14th Jun 17, 8:35 PM
    No credit history does not equal good credit history.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • peter333
    • By peter333 14th Jun 17, 9:48 PM
    • 25 Posts
    • 7 Thanks
    peter333
    • #6
    • 14th Jun 17, 9:48 PM
    • #6
    • 14th Jun 17, 9:48 PM
    why have you posted this reply pixie5740, whos said anyone has no credit history?
    • peter333
    • By peter333 13th Jul 17, 11:13 PM
    • 25 Posts
    • 7 Thanks
    peter333
    • #7
    • 13th Jul 17, 11:13 PM
    • #7
    • 13th Jul 17, 11:13 PM
    mortgage offered
    • Thrugelmir
    • By Thrugelmir 14th Jul 17, 1:03 PM
    • 56,233 Posts
    • 49,609 Thanks
    Thrugelmir
    • #8
    • 14th Jul 17, 1:03 PM
    • #8
    • 14th Jul 17, 1:03 PM
    mortgage offered
    Originally posted by peter333
    Did you apply jointly?
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
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