Mortgage

sundeep1984

Hi

I have a mortgage in principal for 278000
I have deposit of 120000 (plus bit extra top up)

I have seen house for 400000

Is the above maths ok? i know i got the above in principal but any chance it can be higher? i know depending on credit score can be lower too but wanted to know if that's the highest figure it ever can be? Just wanted to know for idea

also my credit score is fair, if i did a credit review for my wife on credit expert will that cause any issues in mortgage application?

Foxy-Stoat_3

sundeep1984 wrote: »

also my credit score is fair, if i did a credit review for my wife on credit expert will that cause any issues in mortgage application?

The credit score you receive and pay for will have not relevance to the lender (save your money!).

Obtaining credit reports do not effect your lenders credit scoring.

No idea if you can borrow more money based on the information you have provided, but I would of thought that this is enough, unless you are intending on offering more than the asking price. Do you have enough extra for legals and stamp duty?

sundeep1984

I do have extras.

I was just hoping set aside 20k from deposit money and give only 100k and get the extra 20k on mortgage so with the 20k i can furnish my house the way i like than being tight and then at end of year pay the remaining money i have back in to mortgage.

I have one issue, i have a fixed deposit with aldermore that wont let me cancel the fixed unless hardship which is reason why i want to hold some money back and pay via mortgage. Most of the deposit money is actually loan from parents

Foxy-Stoat_3

sundeep1984 wrote: »

Most of the deposit money is actually loan from parents

Gets better !

Speak to a broker and they will guide you.

amnblog

Your deposit cannot be a loan from your parents.


Gifts only.

sundeep1984

Nah it is gift sorry not loan(but i endeavor to pay them back) hence called it loan, they have written letter stating its a gift, and provided bank statements showing the withdrawal of the money as proof.

betmunch

sundeep1984 wrote: »

Nah it is gift sorry not loan(but i endeavor to pay them back) hence called it loan, they have written letter stating its a gift, and provided bank statements showing the withdrawal of the money as proof.

That's clearly a loan!


They could write a letter to say its a giraffe if they like, if you're paying it back its a loan.

amnblog

It's a elephant (in the room)

sundeep1984

But the loan factor will be between me and my parents? Can i not give the money back to them as gift at later date?

amnblog

If it is a gift you are not 'giving them the money back'.






You are giving them a gift.

[Deleted User]

OP - you were worried about money laundering when you first floated this idea.

sundeep1984 wrote: »

We are looking to purchase a house and my in laws are to send me some money for help to buy house in terms of deposit money. Around £50k.

They from Kenya so wondering is it legal to send money from abroad? It will be treated like a loan and i will have to pay back. Wanted to know whether there will be any tax implications here or in kenya as don't want either of us to be done for money laundering lol!

If you pursue this, you need to be worrying about fraud.