We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Do you need a deposit for a Mortgage?

124»

Comments

  • ILW
    ILW Posts: 18,333 Forumite
    GMS wrote: »
    A lender would still want to know the source of the deposit and would be unlikely to lend with a 50% deposit from a friend.

    If it was a cash gift with no expectation of repayment, it should not be a problem.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    ILW wrote: »
    If it was a cash gift with no expectation of repayment, it should not be a problem.

    From a family member it wouldn't be but from a friend I have to disagree.

    Cannot see how a lender would not have an isue with it. Money laundering implications for a start.
    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.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    A minute ago the OP didn't have anything, suddenly they've got several £000s ??
  • Engeroosi
    Engeroosi Posts: 493 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Still no reason why the seller is happy to sell for half price?? Funny that!! I suspect fraud is already happening somewhere!!
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.5K Banking & Borrowing
  • 253.7K Reduce Debt & Boost Income
  • 454.4K Spending & Discounts
  • 245.5K Work, Benefits & Business
  • 601.4K Mortgages, Homes & Bills
  • 177.6K Life & Family
  • 259.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture