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Gifted deposits - really stuck!!
bleeve
Posts: 15 Forumite
Hi all
Wondering if anyone has any suggestions. I am currently buying a house for myself as an investment. My fianc! has just found another house and he wants to buy that one. We have put an offer in for 125000 my fianc! has 5,500 in the bank & we need 12500 so my mum was going to give him 5,000 as a gift (the other 2,000 will be my finances wages over next 2 months whilst application is going through). The only thing is his mortgage advisor said the lender/solicitor would reject this since my mum is not his family member she cannot gift him the deposit... Is this true? Apparently even I am not allowed to give my fianc! money to help him! I mean its my money surely It's my choice he can use it or not? We are so stuck I am racking my brains to think how we can go around it (apparently if its in there 3 months before this may work) the mortgage will be with Halifax. Has anyone got a mortgage with a gifted deposit from a friend before? Please say yes!
Thanks for reading
Wondering if anyone has any suggestions. I am currently buying a house for myself as an investment. My fianc! has just found another house and he wants to buy that one. We have put an offer in for 125000 my fianc! has 5,500 in the bank & we need 12500 so my mum was going to give him 5,000 as a gift (the other 2,000 will be my finances wages over next 2 months whilst application is going through). The only thing is his mortgage advisor said the lender/solicitor would reject this since my mum is not his family member she cannot gift him the deposit... Is this true? Apparently even I am not allowed to give my fianc! money to help him! I mean its my money surely It's my choice he can use it or not? We are so stuck I am racking my brains to think how we can go around it (apparently if its in there 3 months before this may work) the mortgage will be with Halifax. Has anyone got a mortgage with a gifted deposit from a friend before? Please say yes!
Thanks for reading
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Comments
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Sorry forgot to mention I cannot do a joint mortgage with partner because I am already on one by myself.0
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My husband got a mortgage through Nationwide with a gifted deposit from my parents. I am not on the mortgage, and at the time we were only engaged. Never caused any problems.Outstanding Debt at 01/01/2020
2.09% Mortgage - £93,851.54
#33 Emergency Fund Challenge - £5400/£54000 -
Why do you think you are limited to one mortgage?Sorry forgot to mention I cannot do a joint mortgage with partner because I am already on one by myself.
You aren't.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Why do you think you are limited to one mortgage?
You aren't.
I was just going to mention this.
My name is on a number of mortgages, most of them with one high street lender, through one PLC, in several countries.
Unless income multiples come into it, there's no reason why you can't be, as long as you meet the lenders requirements.
CK💙💛 💔0
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