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is this ok
lola_rose_3
Posts: 184 Forumite
how would my friend and I get round this. she is planning to buy a flat and will try to get a 95% mortgage. I am planning to put up the other 5% since she has no capital and it will be an investment for my money. Is this ok to do this in the eyes of mortgage lender.
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If the source of the deposit is asked for- bearing in mind it is the lenders biggest source of security- it would- more likely than not, be required to be an absolute gift with no interest in the property.I am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0
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so, how would we get round this0
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trust!
if they ask about the source of the deposit.I am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0 -
sorry, what do you mean0
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The mortgage will be in her name only, so the property ownership will have to be as well. Therefore, if you pay/supply the deposit, which will have to be an absolute gift, then, legally, you have no way to protect your "investment", if they ask about the source of deposit.I am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0
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could I not draw something up with a lawyer0
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If they ask about the source of the deposit..... Then i suggest that it will not be possible to, as they will require it to be an absolute gift with no reservation of interest.I am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0
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can i suggest that- without being too cryptic, that there is a common sentance in all my posts- click the thanks button to let me know when you have realised which one and therefore which way to go.I am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0
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very confusing, I agree it would be a gift but I thought I coulf have something written down somewhere that I gave her this and when the property is sold then I would have it returned to me.0
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Good luck!I am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0
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