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gifted deposits
sibod2002
Posts: 76 Forumite
hi guys me again,
i have read a lot on here about gifted deposits after a friend of mine told me about them. He said he knew a broker who deals in these "gifted deposits".i asked him to explain and he basically said that his broker knows of vendors.properties etc where the seller will give you the deposit you need as a "gift" and that would be knocked of the asking price.
For example on a 100k a house the seller would gift 10k and the buyer would then use a deposit.
i think i have got this right
and is this legal and would lenders accept this?
IM just curious really guys
thanks
i have read a lot on here about gifted deposits after a friend of mine told me about them. He said he knew a broker who deals in these "gifted deposits".i asked him to explain and he basically said that his broker knows of vendors.properties etc where the seller will give you the deposit you need as a "gift" and that would be knocked of the asking price.
For example on a 100k a house the seller would gift 10k and the buyer would then use a deposit.
i think i have got this right
and is this legal and would lenders accept this?
IM just curious really guys
thanks
0
Comments
-
More information can be found here:
http://www.lawsociety.org.uk/productsandservices/practicenotes/mortgagefraud/2607.article0
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