Solved

ollie2008uk

Problem Solved :-)

Thrugelmir

Standard practice from lenders. Gifted deposits have to come from close relatives. If for no other reason that it blocks the route you are attempting to take to get round your own inability to be named on the mortgage , and therefore the property deeds.

Lenders have no need to take risk. Simple as that. Their business is to lend, and therefore they set the rules and terms.

ollie2008uk

Thrugelmir wrote: »

Standard practice from lenders. Gifted deposits have to come from close relatives. If for no other reason that it blocks the route you are attempting to take to get round your own inability to be named on the mortgage , and therefore the property deeds.

Lenders have no need to take risk. Simple as that. Their business is to lend, and therefore they set the rules and terms.

I am not looking to be on the deeds of the property. I will be occupying the property, which the mortgage company are aware of.

There is no risk as far as I can see, Surely a gifted deposit letter would suffice in this instance. If I was to ever try to re claim my £30k I would not have a leg to stand on with a gifted letter being signed.

kingstreet

ollie2008uk wrote: »

We feel our broker is messing us about

Your broker is properly reporting the situation.

Lenders do not like gifts from unrelated donors and from those who will be resident in the property but who will not be party to the mortgage nor the purchase.

If the broker placed the case with Precise knowing the deposit situation, he should be prepared to answer some pointed questions. An application should not be submitted to the lender unless the applicant fully satisfies the lender's criteria.

Dave_Ham

Your broker is a clown and your frustration needs to be directed to them and not the lender.

Forget what you think is logical or fair, I am afraid there is no way Precise (or any other lender) is going to accept this scenario.

I hope you have not paid your broker any upfront fees, as this was never going to happen I am afraid.

Sorry not better news, although better you appreciate the gravity of this scenario.

ollie2008uk

Thank you for your frank and honest words.

To be honest I am disappointed with the whole situation and to say frustrated wouldn't begin to explain it!

No up front fees have been paid, not a bad lump on competition though!!(or not now!!)

ACG

The problem you have is that the gift has to be without reservation and that isnt the case as you expect to live in the property that your partner would own.

As above, the gift also has to be from a close family member.

As the others have said this is never going to go anywhere.

When were you discharged?
When are the defaults dated?

How much is the purchase price? Is the full deposit £30k?

There may be other lenders who will allow a joint application.