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Nationwide Mortgage
yrmu
Posts: 7 Forumite
I am a first time buyer wanting to buy a property off my brother and hoping to get a mortgage with Nationwide (5 year fixed)
Value of the house is £210,000 but i will be purchasing the house for £80,000 (mortgage amount left) so do i declare the £130,000 as a gift ? No money will be changing hands, well besides the mortgage.
I currently have 2 jobs with a combined income of £26,500 however one job is paid in cash (all taxes paid and wage slips provided) will this make a difference ?
Appreciate any help
Value of the house is £210,000 but i will be purchasing the house for £80,000 (mortgage amount left) so do i declare the £130,000 as a gift ? No money will be changing hands, well besides the mortgage.
I currently have 2 jobs with a combined income of £26,500 however one job is paid in cash (all taxes paid and wage slips provided) will this make a difference ?
Appreciate any help
0
Comments
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Anything not straight forward, I'd always say get a broker involved.0
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You need to use a broker on this case - a key issue is
What will the property be used for once in your ownership - who will be living there?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Looks like i may need a broker - could anyone recommend me one in the west yorkshire area ?0
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One of the brokers on here is in Manchester - is that West enough?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
One of the brokers on here is in Manchester - is that West enough?
should be ok could you tag him/her on to this post please ? If (a big IF) i was to go direct with nationwide would it not be straight forward ?
I have all the documents ready including gift template, work contracts and all ID documentation, bank statements. I don't want to rush into it and get myself into a mess.0 -
Would it be gifted deposit or gifted equity ? Been reading a few threads on gifted deposits/equity think i might call my solicitor tomorrow and see what they say. I'd appreciate if anyone has any info on this.0
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On the nationwide DIP it asks if i own any other mortgage free house - I do, it was given to me by my father about 8 years ago... what difference does it make ? would i still be classed as a first time buyer ? i've never had a mortgage on the house and the house im buying now will be my main residence0
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can anyone help ?0
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