Proof of deposit

betmunch

MNM2903 wrote: »

we could have it gifted from a family member then i could just pay them i suppose. Im sure there will be a way around this.

No.


Do it as you have said and explain everything to your Mortgage Advisor.


You are doing nothing wrong, there are lenders that will accept this exactly as you are describing.


To start suggesting it could be a gift from another family member and you pay them back is only going to make it look suspicious.

Landofwood

Any reason why you're not going on the mortgage?

It is peculiar to be contributing half of the deposit, living in the property but not going on the mortgage.

MNM2903

Landofwood wrote: »

Any reason why you're not going on the mortgage?

It is peculiar to be contributing half of the deposit, living in the property but not going on the mortgage.

Simply because my credit history still has 3/4 years before my past bad credit clears. Im debt free but the markers remain unfortunatly.

AndyAtu

Bet munch, I'm in the exact same situation, except our savings are in family member account. Somehow there still seems to be an issue even though going through MA and with Aldermore. Which lenders would you recommend?

PBA

MNM2903 wrote: »

Simply because my credit history still has 3/4 years before my past bad credit clears. Im debt free but the markers remain unfortunatly.

This isn't necessarily a problem, the fact that you've had problems before, dealt with them, and moved on can be seen as a positive rather than a negative. Have you spoken to your back directly, they may be able to help more if you approach direct rather than through a broker.

betmunch

AndyAtu wrote: »

Bet munch, I'm in the exact same situation, except our savings are in family member account. Somehow there still seems to be an issue even though going through MA and with Aldermore. Which lenders would you recommend?

I can't recommend a lender without doing a full fact find.

Your Mortgage Advisor should not have placed you with a lender that will not accept your deposit.

Of course that assumes it was clear you were receiving a gift from a family member. What's the relationship with the person making the gift?

AndyAtu

Bet munch, it's my mother and it's not really a gift, it's both our savings in an ISA in her name. I've made this very clear as I never thought it would be an issue.

amnblog

Let's leave this to broker who is 'coming round' later to sort.


Our OP intends to be upfront about everything and can do no more.

betmunch

AndyAtu wrote: »

Bet munch, it's my mother and it's not really a gift, it's both our savings in an ISA in her name. I've made this very clear as I never thought it would be an issue.

From that description its just a gift from your mother, cant see it being a problem.


If it had been an auntie or friend of the family then massive problem.


If you have explained it clearly to the broker then it should be just fine or they wouldn't have placed you with that lender

AndyAtu

Hi bet munch, thanks for this, but is it all right for her to be residing at he property? That's where we're getting mixed messages. We can't be in a situation where she's evicted or the house repossesed after completion. I'm scared to death, I've spent the last month in a state of utter fear.