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Deposit
geelamch
Posts: 243 Forumite
My daughter would like to buy a house.need to supply deposit, house value £106000.
Unbeknown to her I have a policy for her which will mature in 2 years time approx £21000 .
Could this be used in any way ?
Unbeknown to her I have a policy for her which will mature in 2 years time approx £21000 .
Could this be used in any way ?
0
Comments
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Not now Im afraid. No lender will even consider that. A lot can happen in 2 yearsCurrent DebtNet Monthly Pay £2550[STRIKE]Barclaycard £0 / £2500 (23.9%)[/STRIKE][STRIKE]Lloyds Credit Card Settled[/STRIKE]
Lloyds Bank Loan £10200 - £456 / 36monthsDebt Free Dream:01/04/150 -
Depends how you want to use it - if it's not available for two years then are you planning on providing it to her in two years for her to buy somewhere then? If not, where else is she going to get the deposit from?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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I will sort it but just trying to get her to use her ( own money) so to speak .lol0
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My OH had a bond due to mature the end of 2015, financial adviser explained the circumstances (deposit for first home) to them and was told they'd be sympathetic to the situation but OH had to put it in writing. Sent letter Wednesday evening last week, he got a call first thing the next day confirming it can be cashed in early. We both thought it'd take weeks to get a response, worth asking just in case it can be done.0
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Simple.
Tell her that you have a savings Policy which matures now - give her the £21,000 and then do whatever you want with the money maturing in 2 years time.Bringing Happiness where there is Gloom!0
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