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is this ok

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Comments

  • Ian_W
    Ian_W Posts: 3,778 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    I got it Stan, I got it!! :j

    If they ask

    Is that right? What's the prize, a night with mortgageMamma? :o
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Despite having never met any of you guys suddenly I'm beginning to feel like the forum bike.
    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.
  • homer_j_3
    homer_j_3 Posts: 3,266 Forumite
    lets hope your not a tandem....
    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.
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    No I'm not a tandem, I'm a unicyle. I'm sure you will be enlightened soon enough.

    BTW I've eaten all your jaffa cakes for that comment.
    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.
  • ChrissieI
    ChrissieI Posts: 161 Forumite
    Sorry to be the one to point this out but what if
    1. She keeps the property for years
    2. You need your money back
    3. She moves someone in and gets married they could have a share of the property
    Have you covered all the bases if you know what I mean
  • stanmoresaver
    stanmoresaver Posts: 614 Forumite
    Exactly- good to see the thread is back on track- BTW!SS
    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:
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    10,000 Posts Combo Breaker
    lola_rose wrote:
    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.

    As far as I can see, you would hold a 5% stake in the property.

    So, the property would be jointly owned, but the mortgage would be just for your friend. So she would need a 100% mortgage for her share of the property, as she is not putting up any of the deposit.

    You would need to have your (5%) share of the property value registered and the solicitor dealing with your friend's purchase could arrange this.

    It's all possible, but some lenders might not be keen on this arrangement.

    If you gift her the deposit now without taking a 5% stake in the property, then you would not be entitled to any increase in your investment, if the value of the property increased in the future.

    What is it you want? Your answer will influence the likely solutions ...

    Regards
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • lola_rose_3
    lola_rose_3 Posts: 184 Forumite
    to make a profit and increase my 5%. what are the reasons that a solicitor would give for not drawing up a letter stating I have gifted 5%.
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