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Using Partners loan money as deposit for my mortgage
newbridge
Posts: 249 Forumite
Hi,
We are looking to get a mortgage and falling short of deposit. The mortgage is going to be only in my name, since my partner's employment is not a permanent contract (1 year temp gets renewed every year). My partner took a personal loan to buy a car but suddenly we have found a house we would like to buy and she is ready to chip in for the deposit instead of buying a brand new car.
I know from other threads that lender would refuse any loaned deposits. But in this case the money is (kind of) gifted from other person who took a loan. can this be a problem?
We are looking to get a mortgage and falling short of deposit. The mortgage is going to be only in my name, since my partner's employment is not a permanent contract (1 year temp gets renewed every year). My partner took a personal loan to buy a car but suddenly we have found a house we would like to buy and she is ready to chip in for the deposit instead of buying a brand new car.
I know from other threads that lender would refuse any loaned deposits. But in this case the money is (kind of) gifted from other person who took a loan. can this be a problem?
[STRIKE]Deposit: 25000!!/15000[/STRIKE] Homeowner :j
quidco cashbacks- 1142.81
quidco cashbacks- 1142.81
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Comments
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If it is made a gift, the fact that it came from a loan will be neither here nor there. What will scupper this plan is the fact that she will live with you. Lenders will be wary of this because the fact of the giver living with you will possibly create a strong claim on the property based on the giftYou 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'0
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This has disaster written all over it.
Get some decent formal advice at this point, as you have the applicant and deposit source issue to overcome.
All the bestI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
..............and your partners contract status is no reason not to be on a mortgage.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.0
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..............and your partners contract status is no reason not to be on a mortgage.
Is it? I thought one has to be on permanent contract, since there is no guaranteed income after contract ends.(Ofcourse we know even permanent staff can lose his/her job)[STRIKE]Deposit: 25000!!/15000[/STRIKE] Homeowner :j
quidco cashbacks- 1142.810
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