Gifted deposit from in laws

Quesarahsarah

Hi,

I have a ccj that doesn't go off until next year, so my husband has applied for a mortgage in just his name with Halifax. He has been given a mortgage promise and Key facts illustration.

My parents have offered to gift our deposit, will they be classed as his immediate family because we are married?

Thank you.

holly_hobby

Yes they would, but generally as a result you may need to be party to the mortgage - which will defeat the object.

The issues will be you having a CCJ (so a dodgy credit history, albeit 5 yrs ago), and as a couple you haven't had the financial discipline to save a deposit.

How much and who is the CCJ for ?
Why was the account defaulted ?
Have you satisfied the CCJ ?
How much deposit will you have ? Is any of it from your own savings ?

NB - it should be noted that even if you didn't have a gifted deposit, if you weren't party to the mortgage your hubby would still need to disclose your residence as part of the mge application (and you would need to sign a consent to vacate disclaimer - which is standard)

Depending upon the details, it may be much easier for you to just wait until next yr when your CCJ expires.

Hope this helps

Holly

wannahouse

we are getting a mortgage in my husbands sole name, yet both our sets of parents are gifting us some money!
The solicitors have done their checks, and the bank (lloyds) is happy with that, and none of it has been a problem.
i"m not a party to the mortgage, but we have saved 10% of the deposit and the parents given us between them the extra 5%.
that said, since we made the offer we have saved the same amount we're being given anyway almost, but are using that to do works on the house .

Quesarahsarah

Thanks for the replies. Halifax are contacting us today to let us know, the mortgage adviser at halifax thinks it will be ok because we are married and my parents are therefore his immediate family too.

We have saved half ourselves, my parents are gifting us the other half not the full amount, so hopefully it will be ok.

Thanks.

skinnylove

The mortgage is in my husbands sole name but my parents gifted the deposit, (and at the time we were only engaged). Nationwide didn't have an issue with it so hopefully it'll be the same for you.