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Gifted letter advice
pedro2015
Posts: 5 Forumite
As my credit history is poor we are looking to purchase a house in my girlfriends name. The deposit is being gifted to us by my mother. She is happy to sign it over to my girlfriend and sya she has no come back on the full amount gifted.
My mortgage advisor says this will be fine but reading on the web it seems it isnt as she is not a relative. The mortgage is with kensington mortgages.
My mortgage advisor says this will be fine but reading on the web it seems it isnt as she is not a relative. The mortgage is with kensington mortgages.
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Comments
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she is your relativeI 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 -
It might vary between lenders.
The one I work for, the gift has to be provided by a direct relation.
In this instance (assuming you're not being named on the mortgage at all) it wouldn't be acceptable.Slummy mummy!0 -
This won't work as you are providing the deposit and residing in the property without being on the mortgage.
Kensington will scrutinise the application and want to see the ins and outs of the deposit including signed letter from the donor and their identification.
This won't get through underwriting.
Why Kensington? What is wrong with your credit? Does your partner have adverse credit also?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 -
This won't work as you are providing the deposit and residing in the property without being on the mortgage.
Kensington will scrutinise the application and want to see the ins and outs of the deposit including signed letter from the donor and their identification.
This won't get through underwriting.
Why Kensington? What is wrong with your credit? Does your partner have adverse credit also?
A few late payments nothing more, she has some debts from uni which must be lowering her score.0 -
This won't work as you are providing the deposit and residing in the property without being on the mortgage.
Kensington will scrutinise the application and want to see the ins and outs of the deposit including signed letter from the donor and their identification.
This won't get through underwriting.
Why Kensington? What is wrong with your credit? Does your partner have adverse credit also?
What if I was to not reside at the property, say if I moved back home for a year then remortgaged in both our names0 -
What if I was to not reside at the property, say if I moved back home for a year then remortgaged in both our names
Why would your mother give somebody else a gift to purchase a property when they are not related?
Question the underwriters will ask.
Non relative gifted deposits are not allowed.
What is stopping you being on the mortgage?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 -
Why would your mother give somebody else a gift to purchase a property when they are not related?
Question the underwriters will ask.
Non relative gifted deposits are not allowed.
What is stopping you being on the mortgage?
Defaults. I have recently been declined by precise. They would have given both of us one however my girlfriend is under 25. The whole situation seems obsurd, we have a 50% deposit!0 -
When were the defaults and for how much? Are they satisfied?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
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