House deposit - loan from my parents

randykurm

My parents for the deposit on our first house together. We find out tomorrow whether or not we can borrow at 90% or 85% LTV on a £200k property.

georginag123

randykurm wrote: »

My parents for the deposit on our first house together. We find out tomorrow whether or not we can borrow at 90% or 85% LTV on a £200k property.

Same here! Good luck :-)

georginag123

Funny_old_game wrote: »

Sorry, bad typing earlier. Maybe a broker could copy and paste from the deposit section of their rules that if not a complete genuine gift you will struggle to get offered.

Also when asked " where is your deposit coming from?, what did you say as it should have fallen out if bed then!!!!!!

In the grand scheme if things A4 is not a good score for HTB. Post 15 says it all.

Thanks. I can read between the lines.

We have not yet been asked where our deposit is coming from as we should find out today whether we can borrow at either 90% or 85% LTV. I am sure Halifax will ask this question today.

Thanks for all the advice.

kingstreet

There you go;-

All customers must make a minimum personal deposit for the property relevant to their individual credit score, product or scheme. No element of this deposit should be represented by a personal loan.

Military personnel - Serving members of HM Forces may be able to raise capital for a deposit by means of a 'Long Service Advance of Pay' (LSAP) which will be repaid by the customer through their pay. This can be accepted as a deposit with the monthly repayment keyed as a commitment.

Family Gift - Gifts from family are acceptable however, we require a letter prior to completion from the family member giving the gift, addressed to Halifax and confirming their relationship to the applicant, the amount of the gift, that it is non repayable and that the person giving the gift will have no interest in the property.

Concessionary – if the deposit is from equity (e.g. a reduced purchase price) the application should be treated as a concessionary purchase – refer to CONCESSIONARY PURCHASE FOR CRITERIA

Vendor Deposits and Cashbacks (Non New Build Properties) - Vendor Gifted Deposits are an unacceptable source of deposit for any non new build property.

This does not impact buyers who are receiving gifted deposits to purchase New Build Properties or concessionary purchases

Mortgage_Mark_2

georginag123 wrote: »

OK. I will see what Halifax say. Hopefully they will lend to us at 90% so we won't need to borrow anything. Find out tomorrow.

We were told by an utterly useless broker that we could put 5% down on the HTB scheme. Luckily we could make up the other 5%, but a potential further 5% is impossible for us to find without help from parents.

Halifax won't allow you to borrow your deposit.

Funny_old_game

Is no news good news?

amnblog

No news is no news

Funny_old_game

Mmmmmmm...

1517sharps

Armed Forces LSAP is no longer available. Its now been renamed / rebadged as Forces Help to Buy FHTB. Up to 50% of your annual salary to a max of £25k.

ethank

The lending criteria is clear that they will not lend in these circumstances.

If you lie and tell Halifax that it is a gift, and it is not a gift, it is potentially mortgage fraud and registration with CIFAS.