Vendor Gifted Deposits

Purp1euk

Hello.

Hopefully a quick question: does anyone know which lenders will currently allow a Vendor Gifted Deposit to cover a stamp duty bill of around £10k as part of first Time Buyer mortgage application? We have a sufficient deposit to have an LTV of no higher than 90% under these circumstances.

This is something I have seen written about in a few places online but the latest information is a few years out of date.

Many thanks for your help.

mrginge

I know.
None whatsoever.

Funny_old_game

Why don't they drop the price to allow you yo pay fees.

I know of no lender to accept this.

kingstreet

Is the vendor a builder, landlord where you are a sitting tenant, or are you buying at undervalue from a relative?

If the answers are all no, there is no lender accepting such incentives.

Purp1euk

No this is a purchase of a second hand property from a private vendor who is of no relation to us.

It's such a pity as lenders such as Halifax used to accept these. It's not like we need the gift for anything to do with the house - thanks to saving since I was 7 we have a 10% deposit and enough to pay all the associated fees with buying, but having to pay another £10k is simply beyond us.

To answer the second reply, taking £10k out of our deposit to pay stamp duty takes £100k off of our offer, so I don't think they will accept that. What I was looking to do was ask them to accept £10k less through a vendor gift of £10k to us at the point of exchange to pay our stamp duty bill, but I now gather this isn't acceptable.

All very frustrating. Has everyone else just accepted that the Govt will take £10k out of their post tax life savings when they come to buy, forcing them onto a 95% LTV mortgage that will then be at an unaffordable monthly repayment, or is there some way we can include the stamp duty bill in our mortgage loan?

Many thanks to you all for your help so far.

Thrugelmir

Purp1euk wrote: »

All very frustrating. Has everyone else just accepted that the Govt will take £10k out of their post tax life savings when they come to buy, forcing them onto a 95% LTV mortgage that will then be at an unaffordable monthly repayment, or is there some way we can include the stamp duty bill in our mortgage loan?

Buy a property you can afford now. There's always tomorrow to climb the ladder.

kidmugsy

Purp1euk wrote: »

Has everyone else just accepted that the Govt will take £10k out of their post tax life savings ....

It's a tax: pay your whack. How else are they going to fund an extravagant welfare state, and invasions of sundry foreign countries?