My first time morgage application _pale_

holyoak

Thrugelmir wrote: »

Gifted deposit and unsecured debt along with regular overdraft usage are a rather toxic combination for majority of mortgage lenders. As indicates a lack of control over personal finances. A mortgage is in essence a lifetime committment that needs to be paid every month on time for 25 years.

As a start I would suggest using your "cash savings" to clear your loans. This would then improve your overdraft usage by reducing your outgoings.

The loans are my sisters and will be paid off when the house is sold as she gets a share of the money when sold

I have seen that parents can help buy paying the deposit. Cant i just do that? and give them the money? at a later date or when im moved in?

holyoak

NewBe wrote: »

If you have any receipts (even hand written) and details of new owners, then if the market value of the sold car and parts is near enough to the 10k, you should be fine.

The car wouldnt be a problem i guess. My engine i sold would be the problem.I sold that last week for £5300 and have no receipt of selling it. I planned to put the 5k in the bank today and then combined with my granparents 5k pay for the deposit

NewBe

holyoak wrote: »

I have seen that parents can help buy paying the deposit. Cant i just do that? and give them the money? at a later date or when im moved in?

No, otherwise it isn't a gift *without reservation*, but is actually a loan. I'm sure its been done by others, but if the bank finds out later, you could be in trouble.

NewBe

holyoak wrote: »

The car wouldnt be a problem i guess. My engine i sold would be the problem.I sold that last week for £5300 and have no receipt of selling it. I planned to put the 5k in the bank today and then combined with my granparents 5k pay for the deposit

But you might need evidence of having had it, to have sold it. That is a lot for a used engine.

holyoak

NewBe wrote: »

Not sure about gifted deposits, you would need to speak to your bank/mortgage advisor. You would be borrowing money from family, to pay towards a purchase from another family member.

Regarding your hobby. Been there, done that. As long as you haven't been buying and selling cars every few months, as well as owning another, you could always say you were doing it to 'upgrade' your own car.

If they sign to say its a gift and not a loan to me i cant see the problem. I am having 10k when the house is sold,so my deposit is tied in the sale of the house

If i said to the lender-I can pay the deposit as soon as the house is sold because im having a share of the sale that would be perfect. I cant see that happening tho?
Thing is-The money will go from my grandparents, to me, to the morgage company, solicter, then back to my grandparents. just one big circle!

holyoak

NewBe wrote: »

But you might need evidence of having had it, to have sold it. That is a lot for a used engine.

I have kept all my engine build recepits and car build recepits.I have got recepits for over 4k for the engine and thats just ones i kept

NewBe

I strongly suggest you seek professional advice. Depositing the money into your account may not be a problem, but your mortgage company and/or solicitor will ask questions.

holyoak

NewBe wrote: »

But you might need evidence of having had it, to have sold it. That is a lot for a used engine.

Its cheap infact.My dads engine was 11.5k (parts only) motorsport is exspensive
Im going off the subject here and my stress as gone through the roof now. I just dont want to lose my grandparents house! I got alot of memorys there and it is my dream home. I have worked so so hard to get where i am,and it looks like it could be down the pan because i have got a cash saving

monty-doggy

holyoak wrote: »

Hope you dont mind me asking? but how much deposit was you using?joint or single appliction? and how much ltv?

I guess if they can see my pay coming in,and my real outgoings (not ebay,clothes and hobbie spendings) then i should be ok ..surely?

Ok my circumstances are quite complicated. I had v bad credit history however it's all dropped off my file now, I had excellent report with experien and good with equifax. I have 2 late payments on my file. I have zero savings as I said before I live my life and spend all my money lol! I am currently renting with my partner.

He is tied into a negative equity mortgage with his ex and she has defaulted 9times in 18 months so no one is going to lend to him!

He inherited some money last month and asked the solicitor to gift the inheritance to me.

I used a independent broker, who found lenders that only used my higher rating company, and who wouldn't be overly concerned with where my deposit came from.

I applied for a mortgage based on my £30k income alone. I provided bank statements etc that show the deposit of £50k only being in my account for a few days.

My mortgage is for £115k plus deposit -£165k house 70%LTV

It has gone through hitch free.

The solicitors asked for a gift of deposit statement from my partner which states he will have no legal claim to the money or the property.

We were happy for this as when we get married it becomes a joint asset anyway.

So this shows even though things may not be straight forward, there are ways round things

holyoak

monty-doggy wrote: »

Ok my circumstances are quite complicated. I had v bad credit history however it's all dropped off my file now, I had excellent report with experien and good with equifax. I have 2 late payments on my file. I have zero savings as I said before I live my life and spend all my money lol! I am currently renting with my partner.

He is tied into a negative equity mortgage with his ex and she has defaulted 9times in 18 months so no one is going to lend to him!

He inherited some money last month and asked the solicitor to gift the inheritance to me.

I used a independent broker, who found lenders that only used my higher rating company, and who wouldn't be overly concerned with where my deposit came from.

I applied for a mortgage based on my £30k income alone. I provided bank statements etc that show the deposit of £50k only being in my account for a few days.

My mortgage is for £115k plus deposit -£165k house 70%LTV

It has gone through hitch free.

The solicitors asked for a gift of deposit statement from my partner which states he will have no legal claim to the money or the property.

We were happy for this as when we get married it becomes a joint asset anyway.

So this shows even though things may not be straight forward, there are ways round things

Thats great news:) Im glad it worked out for you,just hope mine goes the same way
Can i ask who you got your morgage with?