100% Mortgage needed asap!! Please help!

TheBlueHorse

well? What is happening?

jacobtheamish

Any update Darcy2009?

Dird

darcy2009 wrote: »

I rarely watch TV so I do not get brain washed with majority of country watching political propaganda everyday.

If you watched more TV you'd probably already have the deposit right now as most other activities cost money :P

darcy2009

Update:
Sorry for the delay, Ive seen the paperwork that's been put together today by the broker, this time we are applying in my wife's name only, the gifted deposit of £35.000 will all be put down as a deposit also, just waiting for a couple of pieces of paperwork we should receive soon before putting this application through, so this application should all be put together ready and sent in under 2 weeks, this is through halifax again, I will update again soon once the application has been done.

Dird

darcy2009 wrote: »

gifted deposit of £35.000 will all be put down as a deposit also

I guess this is assuming the valuation comes back as £165000? Or some family has come to the rescue?

Malmo

I feel invested in the outcome of this!
Good luck with the application.

Landofwood

Given that Halifax don't allow vendor-gifted deposits, it seems unlikely that they'll accept a landlord-gifted deposit, as they are essentially the same thing no?

What did you put as source of the deposit darcy2009?

Landofwood

I stand corrected:




Concessionary purchases can only be agreed for subsequent sales (not new build) in the following circumstances:

The property purchase is solely for the applicant(s) to live in as their main residence and the applicant is:

Purchasing from an immediate family member* at a discounted price (minimum of 10% discount is required) and the vendor must move out on completion
OR

A sitting tenant purchasing from their landlord (private or council) at a discounted price (excluding Right to Buy)
NB: To qualify, the tenant must have been subject to a tenancy agreement on the property for a minimum of 1 year

* The only relationships permitted for a concessionary purchase are (including vice versa):

Parent/child
Siblings/sibling
Grandparent/grandchild.
All family purchase transactions must provide vacant possession (the vendor must be moving out) on completion. The discount on the purchase price must be a minimum of 10% of the market value and must be a genuine discount (must not be subject to any future repayment, clawback or retained interest terms)

csgohan4

The plot thickens

shortchanged_2

The other issue here is that the mortgage is greater than 4.5 times income. Does your wife have any monthly commitments at all such as loans, credits cards, store cards etc?
Because if she does this is going to affect the amount they will lend.