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Sole mortgage due to partners bad credit - lots of advice needed...help???
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Black_Eyeliner wrote: »Could you give the £21k to your partner's parents, who could then gift it to your partner? I know it's not 100% honest but then again neither are the banks!
Money laundering penalties are severe not to mention fraudulent mortgage applications.I am a Mortgage AdviserYou 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 -
I think money laundering is a bit severe GMS !
It is not illegal to give money to whoever you please. If the money is gifted to the partners parents unconditionally then that is perfectly legal. If they subsequently gift this to their son then that is also perfectly legal. I do however accept we are on slightly dodgy ground here.
The gifted deposit will have to come from your partners family for reasons that are discussed above.0 -
Concealing the true source of funds is the key here. Not quite taking illegal money and cleaning it I grant you but do you think the lender and their solicitors would accept person a gave to person b to give to me because person a couldn't?
No of course not.
OP speak to the lender about the source and also speak to the solicitor you intend to use.I am a Mortgage AdviserYou 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 -
As a broker, whether this is legal/illegal its very dodgy ground. I would not fancy defending myself to anyone that doing that is legit. If i would not be confident defending it i certainly would not take it on.
I echo the above, disclose everything to the broker/lender beforehand. The last thing you want is the wheels falling off when you are expecting to complete after you have spent however much. Personally I can not see this going through unless you are prepared to lie and risk getting put on the naughty list.I am a Mortgage AdviserYou 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 -
Disguising the source of the funds is illegal and any broker that condones it will be out of business before too long.
This is not 'slightly dodgy ground' this is 'business terminating ground'I 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 -
Realistically, what are the chances of being found out? How would the bank ever find out that the money had come via the OP's grandparents?0
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