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Vendor Gifted Deposits
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andrewtglover
Posts: 1 Newbie
I've read elsewhere on the board that vendor gifted deposits are no longer offered.
Me and my fiance are renting a house from my sister. It is her second home as when she met her husband they both owned homes. They are now looking to move but 1st need to sell this house to move.
The house is valued at 92,000 and they want us to pay 65,000 to clear their mortgage. That would give us a healthy gifted deposit of nearly 30%.
We can't do a family gift mortgage because I'm self employed and have not been able to get a mortgage. My fiance probably can but is not direct family.
Is there anything we can do? I've been told that Ipswich building society do vendor gift mortgages? Is this true?
Are their any other options?
Me and my fiance are renting a house from my sister. It is her second home as when she met her husband they both owned homes. They are now looking to move but 1st need to sell this house to move.
The house is valued at 92,000 and they want us to pay 65,000 to clear their mortgage. That would give us a healthy gifted deposit of nearly 30%.
We can't do a family gift mortgage because I'm self employed and have not been able to get a mortgage. My fiance probably can but is not direct family.
Is there anything we can do? I've been told that Ipswich building society do vendor gift mortgages? Is this true?
Are their any other options?
0
Comments
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Hi Andrew,
You are quiet right to say there are no longer lenders out there accepting VGD unless it is a new build property.
However not all is lost. There is a company that can help you with your deposit. Just Google Home Buyers (UK) as I have written it and contact them, they will help you.
Regards
PRJ0 -
You can't get a mortgage because you're self-employed? Do you mean that? Normally, self employed people can apply for a mortgage, the issue is whether (or not) they have been trading long enough to have their income taken into account.andrewtglover wrote: »I've read elsewhere on the board that vendor gifted deposits are no longer offered.
Me and my fiance are renting a house from my sister. It is her second home as when she met her husband they both owned homes. They are now looking to move but 1st need to sell this house to move.
The house is valued at 92,000 and they want us to pay 65,000 to clear their mortgage. That would give us a healthy gifted deposit of nearly 30%.
We can't do a family gift mortgage because I'm self employed and have not been able to get a mortgage. My fiance probably can but is not direct family.
Is there anything we can do? I've been told that Ipswich building society do vendor gift mortgages? Is this true?
Are their any other options?
Joint mortgage with your partner based on her income on a family gifted deposit basis?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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