gift as deposit

vibezents

Hi everyone,

First timer and my first post

I am a bit clueless when it comes onto mortgages however i am doing my research and trying to educate myself before making the step.

Questions for the forum
Myself and wife currently live in my mother-in-laws property and we pay rent/mortgage. She has now migrated and doesnt really want the responsibility, and has left us to get on with it.

I wanted to know if the property is worth 190k would it be possible for her to sell us at 170k giving us the 20k as a gift/deposit to buy the house from her.

Myself and wife dont have the deposit at the moment and our credits not that great either because of our past, however i am more than confident that we can afford it.

Any feedback or advice would be greatly accepted.

Thanks

suisidevw

How much do you earn etc as this will be the determining factor as to whether you can get a mortgage.

If you don't have a deposit 'as cash', I can't see how this is possible unless your MIL remortgages possibly and gives you cash?.......

holly_hobby

Gifted deposit or not ... knowing you are able to afford it is not the issue (although I know very important to you).

The problem you have is that you need a mortgage, and shall to therefore meet the lenders status criteria and checks in doing so. Which depending upon how bad and recent your adverse is, this may be no go from the start.

If you are trying to buy to avoid MIL selling upon her leave, have you considred renting from her in the intrim period (ie until your credit records are a little more healthy ?)

In the first place, a few more details re your adverse etc, may help us give you a rough idea on if there is any possibility of a mortgage.

Hope this helps

Holly

GMS

Gifted deposit may well be ok as it is from a close family member.

As has been stated the affordability and credit history will be the key.

When you say your credit is not great what do you mean? CCJ's, defaults, missed payments? If so when were they?

What are your incomes?

Even with a 20k deposit you are looking at a 90% mortgage which can be difficult to obtain

vibezents

I earn £18k+ commission and my wife earns £9k, recently checked my credit and it had mobile phone missed payments and a loan that was default for £6500.
I dont mind renting from her until our credit gets better, I was just thinking instead of renting I could try and find a way to get on the ladder..
loan was in 2007 and mobiles were in 2004 and 2009

suisidevw

Absolutely no way will you get a mortgage for that amount. Crack on with renting.

Danny026

Just for your info and to back up the above poster I am in a very similar position, wages, partner with old debt etc and struggling to even get £85,000 LTV with a £15,000 cash deposit!

vibezents

wow!! its really harder than i thought. thanks very much for all info...