First time buyer, gifted deposit

amnblog

Semple wrote: »

He's not secretly an uncle or something OP?

I think those 'uncle' websites were in the news last week.

megaginge

betmunch wrote: »

Pay £100 to a solicitor to write a letter to the lender that confirms you don't meet criteria!

That's a bizzare suggestion if ever I heard one.

The correct answer is to simply use a lender that will accept a concessionary purchase from your landlord. This can be done with the right lender. Speak to a competent broker

betmunch wrote: »

It's because most lenders specify the gift is from a family member, therefore all your doing is having the solicitor confirm to the lender it doesn't meet their criteria.

Like I said though, there is at least 1 lender I can think of off the top of my head that will allow a landlord to sell at a lower price to a long standing tenant and use the difference as deposit.

If its done right you don't need to have an argument with a lender about how you feel their criteria is wrong

So on my tongue in cheek statement, if he gave the money to a family member who in turn...

:rotfl:

The specialist lender sounds like a better idea for sure then.



Frankly I'd be surprised if this "really" ever came to anything... but you never know

betmunch

megaginge wrote: »

So on my tongue in cheek statement, if he gave the money to a family member who in turn...

:rotfl:

The specialist lender sounds like a better idea for sure then.



Frankly I'd be surprised if this "really" ever came to anything... but you never know

Technically gifting money to a family member who then gifts it on would work, however if anyone asked for more than just the declaration of gift it would all come apart. In this situation its a gift of equity so wouldn't apply here


No-one is talking about a specialist lender, the lender I have in my head is very much "high street"


I agree its not likely to come to anything, but what if this really is a genuine offer from the landlord? The OP would be mad not to investigate