Gifted Deposit from wife and its implications

NothingExpert

averageish wrote: »

I might not be correct in this, but I would have simply not told them where the cash came from as when it's between husband and wife, I believe legally, it is none of their business.

I was trying to be honest

NothingExpert

James_B. wrote: »

If I were the lender, I'd be running, not walking, away at this point. A "gifted" deposit, that was yours really, but was sitting unconnected to you in an unlinked account, of someone with credit issues...

The lender will (rightly) see that there are a whole host of reasons for such a strange arrangement, very few of which are legitimate ones.

If you are going to ask an institution to advance you a large sum, and trust you to pay it back, it's never a good idea to go into the deal with your finances arranged in the same way that a fraudster or criminal would favour. Keeping your own money in your own accounts is generally the safest route.

Well thankfully you are not my lender and even more gratefully they are more aware of the realities of real-life than some seasoned keyboard warrior.

It's not strange, criminal or fraudulent at all, my wife is the primary carer of my children and is not working. Anything ever happen to me, I would want my money to be with her so she is covered. My family and my children come first, bank and overly suspicious lenders will always come second.

No regrets there i'm afraid.

NothingExpert

All

Just wanted to thank you all for your advice. I also phoned up my solicitor and the lender directly, who more or less confirmed what you all said.

The lender in fact said they just want the signature so in case of default my wife can't say she has an interest in the building.

I'll keep you posted on this, but the key thing for any new buyer or mortgage broker who is advising a new buyer, please transfer deposit money into a holding account three months prior to purchasing a property.

If my broker had told me this explicitly (not blaming her at all - she has been great), this all could have been avoided.

NothingExpert

And a final update: mortgage has been approved.

kiddakidda

NothingExpert wrote: »

And a final update: mortgage has been approved.

Well Done. :beer: