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advice needed please!

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Comments

  • nikanika0
    nikanika0 Posts: 160 Forumite
    Part of the Furniture 100 Posts Name Dropper
    I know a guy who got his deposit from 3rd party, but his mother signed a letter that it was a gift from her. After getting morgage and buying house, he got a loan and paid it back to 3rd party.
  • DRP
    DRP Posts: 4,287 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    mr.pj wrote: »
    Is it fraud if the relative gifts you £5000 and then i dunno you decide to give the £5000 as a Christmas present in a couple of years time?

    i wouldn't class it as fraud. That kind of thing is termed as 'shenanigans' or even 'common sense'.
  • ValHaller
    ValHaller Posts: 5,212 Forumite
    1,000 Posts Combo Breaker
    citricsquid wrote: »
    lb364 wrote: »
    Just ask the grandparent if they're happy to write a letter stating it is a gift and does not require repaying. You can still repay them at a later date as planned but it will keep the mortgage lender happy.

    This is a terrible idea, it's fraud. Don't do this.
    No it is not a terrible idea and it is not fraud, that is a ridiculous notion.

    Grandparents would effectively be waiving their rights to repayment and enforcement through the courts. Any repayment would then become voluntary.
    You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'
  • dj.boz
    dj.boz Posts: 86 Forumite
    mr.pj wrote: »
    Is it fraud if the relative gifts you £5000 and then i dunno you decide to give the £5000 as a Christmas present in a couple of years time?

    If a family member is willing to help you out in time of need then if in the future you should be able to help them out when they need it.

    If you are deliberately trying to 'borrow' instead of a genuine gift then you are on some dodgy ground.
  • ACG
    ACG Posts: 24,850 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    If your getting close to the maximum the lender will lend you and you then borrow £5k - firstly you have to get round all of the questions, you then have to get the underwriters to accept it... i have a feeling you might come unstuck.

    As to the whole declare it as a gift or not... knowing full well it is a loan and declaring otherwise is Mortgage Fraud - unlike mortgage fraud as we all think of it, this is unlikely to hurt anyone - but it is mortgage fraud none the less. If you were to get found out there can be serious repercutions - both legal and practical, you could end up finding it near impossible to get a mortgage down the line for a long time to come if you were to get found out.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ValHaller
    ValHaller Posts: 5,212 Forumite
    1,000 Posts Combo Breaker
    ACG wrote: »
    As to the whole declare it as a gift or not... knowing full well it is a loan and declaring otherwise is Mortgage Fraud - unlike mortgage fraud as we all think of it, this is unlikely to hurt anyone - but it is mortgage fraud none the less. If you were to get found out there can be serious repercutions - both legal and practical, you could end up finding it near impossible to get a mortgage down the line for a long time to come if you were to get found out.
    If it is declared as a gift, then it is a gift. The giver has no come back in court. The word FRAUD is grossly overused in this scenario.
    You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'
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