Mortgages

Cpu2007

I will ask them about this and see what is their reply about whether they can put it as a gift or not
But I understand the gist and I'll discuss it with a broker and see what they say.

I wanted to have a general idea of what are the interest rates, methods to buy a property and using other people money to buy a property; now that I know this it will be easier to understand whether the option giving by a broker are acceptable or not

Thank you:)

advice_please_2

All above make sense. You need to sign money laundering declarations too

Another thing not mentioned, is have you found out what you could borrow amount from mortgage, ie your income, outgoings etc

Cpu2007

Not sure that money laundering declaration form is but I'll check it out.
I've been told that I can get around 100k in loan.

There's another thing I was thinking about while reading some articles on here. One of the article was showing how to take advantage of saving accounts while on mortgage.

If the interest given by a saving account is higher than the interest that needs to be paid in the mortgage then it wouldn't be better to pay the loan monthly instead of paying it all at once?
If I could spread the money in 3-4 isa accounts (parents and sister) all with, for example, 2% IR; will that be a reasonable step ?
The money that I'll get as profit from ISA will help me, not only reduce the interest that I'll be paying for mortgage but ultimately I might be paying the house less than it costs because of the profit achieved from ISA.
I'm not sure about the correct math here but I hope someone gets the idea of what I'm trying to do.

lawriejones1

The situation all sounds so horribly messy and complicated.

My suggestion would be to borrow the deposit and then pay this back privately (you can arrange something with the lender that's set in stone - just create a new or different exchange) then do this on your own two feet rather than rely on the kindness of friends. There is always an element of risk with these arrangements, and things can go very wrong, very quickly if circumstances change.

The rule should always be: never lend what you're not prepared to lose... £50k is a lot to write off.

Cpu2007

I have contacted a broker and have a question regarding the information he asked me to supply.

I have ready an article from this site about what sort of information brokers usually ask and was aware that they ask debit card information. However I wasn't aware of the extent of information that are needed to be supplied.

He asked me the sort code,account number and full name (which is normal) but then also asked me full 16 digits,start and expiry date and the last the security digits.

Is this normal?

Yorkie1

Yes. Sort code / account number / full name is not the card details. The 16 digits / expiry date / security digits are the card details.

This enables them to debit your card for application fees etc. They should disclose any and all costs to you before debiting them, to gain your consent.

Thrugelmir

You will have issues with money gifted from "friends" rather than close family members. So best to be upfront from the outset. Rather than lose the money you pay out in fees only to be declined.

Cpu2007

Thank you, I will make sure these information are clearly stated.