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Borrowing money for a deposit!
Comments
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Thanks - there is some good advice here.
I've been told I may be able to borrow £25k from a family member.
Would this help?0 -
snowcat123 wrote: »Thanks - there is some good advice here.
I've been told I may be able to borrow £25k from a family member.
Would this help?
Read post number 7 again0 -
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Is it a gift though? A minute ago it was a loan. Would the provider of said gift/loan be prepared to sign a declaration that it is a gift and be complicit in fraud?0
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Is it a gift though? A minute ago it was a loan. Would the provider of said gift/loan be prepared to sign a declaration that it is a gift and be complicit in fraud?
It could be declared as a gift, but as it's a close family member a gentleman's agreement could be made to pay back the money over time.0 -
snowcat123 wrote: »It could be declared as a gift, but as it's a close family member a gentleman's agreement could be made to pay back the money over time.
So you're intending on submitting a fraudelent application then0 -
You could end up sharing a prison cell. Would certainly remove the need for a mortgage.0
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Out of interest how do you know you can get a mortgage for £200,000 do you have an AIP?0
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A gift would be perfectly fine, as long as that's really what it was.snowcat123 wrote: »What if it was declared as a gift?
If the family member realises it's a gift, ie it won't be repaid as a loan, then no problem. They may need some convincing on that one though...
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Is it a gift though? A minute ago it was a loan. Would the provider of said gift/loan be prepared to sign a declaration that it is a gift and be complicit in fraud?
Yes, the family member would have to sign a declaration stating that it was a gift, and not a loan. Now, you could come to an unofficial arrangement about repaying that sum, but there's nothing to stop the borrower doing a runner and skipping the repayments, and there would be nothing the lender could do about it.
Given that possibility, I would suspect that there would be few family members willing to take that risk....0
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