Declaring a gift for mortgage app

holly_hobby

leereni wrote: »

Actually I can easily afford mortgage payments and a large loan. I'm not doing this through choice but purely based on the fact I am paying money renting every month and I am easily within affordability. I would never lie on a mortgage application. Those who do should be criminally prosecuted. But I get the feeling hardly any are..

Your feeling is wrong I'm afraid - lenders can and do pursue legal prosecutions of all those involved in the deception.

leereni wrote: »

In terms of declaring it. I'd declare it as a gift as I would not need to repay it.

Your parents also have to sign a legal declaration that it as an unconditional gift - to which the source ( a loan) may well remain an issue, even if you not having to repay them/make loan repayments is no longer a lie.

To which it has become obvious over your recent posts and responses, that despite guidance and comment as you requested, you still fully intend to puruse this exercise regardless of the involvement of others or possible consequences ...... to which just ensure, if you do have to repay the loan by an by means, that you make your parents fully aware of the ramifications of they fraudulently signing a legal disclaimer of the lender.

Wish you well .... but tread v carefully with this...

Holly

leereni

Ok thanks.

I would like to inform you and others I was putting up this question as an option. I do not wish to involve anyone else in my house purchase.

Regarding authorities pursuing those committing fraud. I'm afraid you're being a title naive to think that everyone who has ever committed fraud has been pursued. How many people commit benefit fraud? Although I do believe authorities act on allegations and intelligence they receive but they're not aware of everything.

holly_hobby

Nieve, not really, but based on my professional role within Fin Svcs, and the fact that over the yrs I actually been involved in the legal process of quite a few attempted and uncovered fraudulent mge apps.

You also need to be advised that even if the lender elects not to pursue the judicial route, details of individuals involved in such actions ARE always placed on the CIFAS (fraud) register.

Anyhoo, you'll obv do what you want .... you sought advice from others on the situ, to which we have attempted to guide you, but its apparant that because it doesn't suit your plan, you somehow either don't believe it to be accurate or that it would somehow relate to you (or others involved).

Which although we may find frustrating, ultimately whether you either accept or refute the advice is your own absolute choice...

Hope this helps

Holly

bigadaj

leereni wrote: »

Ok thanks.

I would like to inform you and others I was putting up this question as an option. I do not wish to involve anyone else in my house purchase.

Regarding authorities pursuing those committing fraud. I'm afraid you're being a title naive to think that everyone who has ever committed fraud has been pursued. How many people commit benefit fraud? Although I do believe authorities act on allegations and intelligence they receive but they're not aware of everything.

But you seem to be involving your parents at least?

What you do is up to you, if you do get caught out, by the bank nothing to do with the government, then that's the risk you run, don't come back whinging at the penalties you'll receive.

leereni

"If I do get caught out".

Is this some kind of wind up? Get caught out doing what? You obviously didn't read my previous posts. I will not be committing fraud and will not be living in any application. It was just a question.

GhIFA

leereni wrote: »

"Is this some kind of wind up?

I don't know - is it? You're bringing benefit fraud and all sorts into a seemingly random and irrational response to being told your hypothetical course of action is really not advisable (despite you protestations that you have no intention of carrying out).

Most people, when proposing a hypothetical scenario, and being told it isn't advisable, accept that and move on. Your constant rejection of this advice with ever more bizarre counter-arguments would suggest to me that this isn't as hypothetical as you are suggesting.

If, as you suggest, you could "easily" repay the loan anyway, why not just save for the deposit??

leereni

I was right, it's definitely a wind up.

holly_hobby

leereni wrote: »

"If I do get caught out".

Is this some kind of wind up? Get caught out doing what? You obviously didn't read my previous posts. I will not be committing fraud and will not be living in any application. It was just a question.

I think B. meant if you pursued this, not as you stand right now.

leereni wrote: »

Yes they'd want the money but I'd have no problem paying it back. I'm looking to get on the help to buy but feel based on my previous credit history I may need 10 %.

To clarify, the fact that you have stated your parents want you to repay them, means this is not a gift, but clearly a loan - and must be declared as such.

The scenerios being discussed above, are to do with IF you and parents falsley declared this capital donation to be gift, when in reality its anything but.

Thereby the comments made in relation to his, have been solely for your protection and benefit and really for no other reason ......

I know you may be v disappointed that there are unforseen complications with the current plan, but don't shoot the messengers, we're only here to help - and largely our commentrs are based on knowledge rather than assumption or personal opinion.

Hope this helps

Holly

GhIFA

leereni wrote: »

I was right, it's definitely a wind up.

No, just an observation on your reactions to the advice you're being given. Just because the correct advice doesn't fit with your view of what you've already decided it is that you want to hear doesn't make it any less right.

Unless your response was your admittance that the rest of us have all been "fooled by" your wind up

leereni

Ok thanks for the advice.