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mortgage - gift from family
mane1034
Posts: 58 Forumite
Hi,
I am in process to remortgage my current property as BTL to release equity and use equity and my savings to buy a residential property close to my new office.
If my current property valuation comes out lower then what could be my options....?
Could I use money from family and friend as a gift towards stamp duty, solicitor fee and broker fee as these threes fees alone makes sum of around 10K? My friend can provide a letter and his source of income.
How this will impact my mortgage applications?
Thanks
I am in process to remortgage my current property as BTL to release equity and use equity and my savings to buy a residential property close to my new office.
If my current property valuation comes out lower then what could be my options....?
Could I use money from family and friend as a gift towards stamp duty, solicitor fee and broker fee as these threes fees alone makes sum of around 10K? My friend can provide a letter and his source of income.
How this will impact my mortgage applications?
Thanks
0
Comments
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Most lenders will be okay with a gift from parents, some will be okay with a less direct relative, not many will be okay with friends as the source of funds.0
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Then should I ask for the loan from friend?0
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Pick the wrong lender and this won't work.
Consult a broker.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 -
I know deposit gifts need to be declared, but do gifts for stamp duty and legal fees?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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