Any lenders accept gifted money as income?

Mrs_Bumble

Check with Buildstore that the fact that the barn is a semi isn't a problem.

My feeling is still the same, lending is based on affordability and the sum that you are looking for, as herbiesjp says is 6 times joint income and that is just too high. As herbiesjp suggest go and speak to a good, whole of market independent mortgage broker and see what they can find out for you.

puddy

oh my god, why isnt anyone saying to you NOOOOOOO

you and your wife do not have any possibility of earning money if this all goes wrong, therefore you would be risking your home and solvency if this gets out of hand, i mean you're not just talking about a loan for 20k or something,,,,

if you want a project, then why not move out of your current home, sell it, buy something to do up with the cash whilst also living in it

or do some voluntary work, that would allow you to get home if needed

please

olias

jenner wrote: »

oh my god, why isnt anyone saying to you NOOOOOOO

you and your wife do not have any possibility of earning money if this all goes wrong, therefore you would be risking your home and solvency if this gets out of hand, i mean you're not just talking about a loan for 20k or something,,,,

if you want a project, then why not move out of your current home, sell it, buy something to do up with the cash whilst also living in it

or do some voluntary work, that would allow you to get home if needed

please

I understand what you are saying, but...

I have got to the position of being mortgage free at a young age precicely through doing this sort of thing (have renovated two properties previously and been mortgage free on my last two homes.) Whether thats been through my hard work and tenacity or just luck, I couldn't say:o

Is there risk? Yes.
Am I daft? Possibly.
Can you get ahead by playing safe? Rarely.

Maybe If I get the financing I'll see it as karma to go ahead and if not, then see it as never meant to be!

Meanwhile, seen as I have shamelessly bumped this thread, does anyone else have any suggestions?

Olias

puddy

i do understand where you're coming from, believe me, but you are in a vulnerable position in that unless things ever changed with your wife, you cannot earn a quick buck working outside of the home to offset any problems you might have financially.

cant you take on something less pricey, around 100k mark?

Mrs_Bumble

Olias just check the semi detached barn fits with criteria.

Good luck with whatever happens.

olias

Jenner, you may be right, and it may well be that I will look at something like that if this doesn't work out.

Trouble is, I have been looking for years, and this is the best deal with the best possibility of a large profit margin I have seen locally. there are lots of other reasons it is a really good opportunitythat I won't go into at the moment. It could be a long long time before anything with as good prospects comes up. Oh well, just wait and see if an offer is forthcoming and then have a good think and a good look at the figures again before committing.

Olias

Mrs_Bumble

Olias, a question just popped into my head! Roll forward 3 years and your project has finished if you make a lump sum pot of cash does that affect any of your benefit entitlement? Sorry random thought

olias

Shouldn't do, non of the benefits are means tested. the only issue will be one of capital gains tax on any profit, even that will only come into play if I sell the barn once completed. If I decide to sell our current property and move into the barn then that wouldn't apply as we would be moving from one primary residence to another.

We would also get a nice big cheque back from the VAT man on completion, as conversions are zero rated for vat, so any vat I pay on materials etc on the build can be reclaimed.

Olias