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First house advice

PJJ01 · 2012-06-10 13:15:20

Hi, I am buying a house with my partner from a family member. This is only a small house which is valued at 80,000. My family member is happy for me to have this house for 70,000. I am only able to get a mortgage for 60,000, What is the maximum "Gift Deposit" my family member can give me, as he understands I am unable to…

Comments

Lavendyr Posts: 2,610 Forumite

10 June 2012 at 3:46PM

PJJ01 wrote: »

If this is done as a gift as opposed to a loan (with no intention of me paying back, therfore no need for a deposit for the mortgage from myself) is there a limitation on what gift he can give.?

Some mortgage companies may set a limit on the amount that can be gifted, but that's something you'd need to check with them when you declare the source of your deposit.

NB this is assuming he is physically giving you £10k, and not just saying it's a £70k sale but you're only paying £60k.

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