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Deposits and gifts
d0nkeyk0ng
Posts: 873 Forumite
I've got £30k in savings. I plan to live with my fiance after we're married but we're looking to buy before we get married.
I'll be the one buying the house, the mortgage will be in my name only. Fiance has said she would gift £10k towards house deposit to boost it.
Does she class as close relative? Is it worth getting her to cover fees/SDLT instead?
I'll be the one buying the house, the mortgage will be in my name only. Fiance has said she would gift £10k towards house deposit to boost it.
Does she class as close relative? Is it worth getting her to cover fees/SDLT instead?
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Comments
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The property and mortgage will be in your sole name.
A gift from your partner will be accepted by some lenders, not by others.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
d0nkeyk0ng wrote: »I'll be the one buying the house, the mortgage will be in my name only. Fiance has said she would gift £10k towards house deposit to boost it.
Far simply for her to be party to the mortgage.0 -
Not really feasible - see here clicky0
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When you looking to buy? I am sure I saw on one lenders criteria "any deposits older than 6 months old will require and explanation", or words to that effect. If she trusts you enough to "gift" you 10k when the time comes can she give it to you earlier so you have it in an account in your name or surely a joint account would be classed as savings and therefore no explanation.0
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d0nkeyk0ng wrote: »Not really feasible - see here clicky
The mortgage was going to be paid off within 6 months?
Has this changed?0 -
Are joint accounts allowable? I'm planning to buy within the next 3 months if possible. I can realistically buy on my own and i've told her she can may toward fees/stamp duty/etc if she wants.
WRT her mortgage with her brother - that won't be complete for another year now. The way i see it is to buy now, buy a reasonable property and get on the ladder, then after 4-5 years we can both buy our forever house.0
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