Gifted Deposit

cjcart

Has anyone had this problem themselves?

We are buying my mother in laws home using a gifted deposit. We were accepted by Platform, but they have no told us they will not lend now because my mother in law was late on a payment by 4 days!
She has never missed before, she was claiming on her insurance since she was made redundant from her job she had for 25 years. The insurance said it is not their error, and the bank have said they will send out statement. The statments will not prove nothing as we already know that payment was late, at the time in October the payment was late the bank said that is would not go on her record, but I don't think she got this in writing!
Why can't they lend, It's so annoying we have been trying to buy a house for 3 years now, paying off debts to improve our situation. The only debt we have between us now is a car on hire purchase at £5000 outstanding. I feel like I will never get a mortgage!!

_Andy_

Late on a payment for what?

babyharry5

What's your mums payment record got to do with it??


is she guarantor on the mortgage??

you mention gifted deposit? were platform aware of this when you applied for the mortgage?

cjcart

Late on her mortgage. Yes Platform knew about the gifted deposit, it works out at 27k. No she is not guarantor she is just selling it to us below the market value hence the gifted deposit

ILW

Still cannot see what her credit record has got to do with your mortgage.

cjcart

I would guess that the OP/partner have a financial relationship with the OP's mother-in-law.
Do you mean we will create a financial relationship with his mum, due to her giving us the gifted deposit?

ILW

Not sure you are getting the question.
Why is your mothers credit record affecting your ability to get a mortgage?
Are you sure there is not some other reason?

Thrugelmir

Alarm bells will be ringing.

You are being gifted a deposit by your MIL who is unable to pay her mortgage as an insurance claim has not been paid to her bank account by the time the mortgage is due for payment.

cjcart

Mother in law can pay mortgage, she never missed altogether it was 4 days late. The gifted deposit is just that we are buying the house for less that the market value. She want to sell before she can't keep up the payments. She was made redundant in June 09, and is currently caring for her mother full time so wants to get rid of her house.

What other issues do you think it could be?

cjcart

ILW wrote: »

Not sure you are getting the question.
Why is your mothers credit record affecting your ability to get a mortgage?
Are you sure there is not some other reason?

That is what we are being told, I don't know why her credit would affect us the only thing I can think of is due to the gifted deposit but that still confuses me because they are not lending the money to her????

DaisyDaisy82

My guess is that there thinking maybe there is a possibility she could go bankrupt.

If someone 'gives away' money, as your MIL is doing, and then goes bankrupt within 5 years, the trustee in bankruptcy may apply to the court to have the sale to you reversed in order to recoup money given away.

Obviously the late payment has given them cause for concern as your mortgage company's security over the house would be at risk if the above were to happen.

Lenders are being really over cautious at the moment - i'm sure you've heard!