Buying Property with Elderly Godparents

lonestarfan

shazzy67 wrote: »

Why is that a major issue with someone letting me have the money to put as a deposit for a property.

Surely thousands of people do this every year (I know a few)... It's easy saying "it's a string" but why???? I really don't understand

I didn't know all this about gifted deposits either until I became a regular reader of this forum.
Lenders will specify in their lending criteria what they will accept so go online and view a few lending criteria and you will see that often gifted deposits are specified as mother, father, sibling. Interestingly sometimes not Aunt or Godparent. Husband and wife can be a problem too - see Rollinghills posts. You may find a lender that allows godparent but the point being they are few and far between and you will not find it on your own so you need a broker and the lender they know of may have so many other criteria that you won't meet those anyway.
Gifted depost comes up on this board almost a few times a week so thres lots of posts you can read to understand. From a lenders perspective its a risk on re possession as they could build up a beneficial interest apparently. You may know loads of people who have used gifted depost - I do too but what you don't know is their facts and circumstances and I suspect you will find they fit the specific relative criteria.

magpiecottage

[QUOTE=shazzy67;67962804They_have_been_stung_by_one_of_these_equity_release_schemes_[/QUOTE]

Why do you say "stung"? Do you think it was missold?

lonestarfan

magpiecottage wrote: »

Why do you say "stung"? Do you think it was missold?

The answer to that is in post 7 magpie.