Lending part of deposit from grandparents - advice please!

Brightspark87

Hi we had the same issue - some deposit being a 'gift' some they felt should be paid back. I explained the issues behind it and as such its now in the wills that this proportion is excluded from my benefiting from their will (ie would have got £50,000 now £20,000) to keep it fair as its more than they helped other people with. Would this work for you?

nicole19922

Cheeky_Monkey wrote: »

Well don't then. You know full well that it will be a lie so I don't know why you're even contemplating it.

Thanks for your concern but I wasn't considering lying, I was simply asking about how it works as I am completely new to all of this.

marksoton

nicole19922 wrote: »

Thanks for your concern but I wasn't considering lying, I was simply asking about how it works as I am completely new to all of this.

Yes you were.

It's either a gift or a loan. There's no ambiguity.

SevenOfNine

Pixie5740 wrote: »

Your grandparents will probably be asked to sign a document declaring that it is in fact a gift and not a loan. Would they be happy to do that given it is clearly a loan from what you describe and not a gift?

3 years ago we gave/loaned our son £8k to help towards his house purchase. The idea initially was that in due course he would inherit less from us than his brother given that he was highly unlikely to ever pay it back.

He classed it as a gift & we were asked to sign a document from his solicitor declaring that we had no financial interest in the house. We totally happy to do so as there was no chance we would ever have asked him to repay it in any circumstances.

If you declare it as a gift Pixie5740 is correct to ask you the question, would your grandparents be happy to sign a legal document claiming it IS a gift.

I'm going to mention something, given that subsequently 2 months ago life threw us the worst curve ball imaginable, our son died.

Your grandparents need to be quite sure there are absolutely no circumstances in which they might want this money back if they are happy to sign it away as a 'pretend' gift.

agrinnall

marksoton wrote: »

And your deposit is weak.

I agree, even with the gift/loan £9000 is a small amount to be able to fund both a deposit and the purchase/move costs.

Cheeky_Monkey

nicole19922 wrote: »

Thanks for your concern but I wasn't considering lying, I was simply asking about how it works as I am completely new to all of this.

I think you were given the statement below in your OP

"When looking for a mortgage, would it be acceptable to declare this money as a gift from grandparents and then pay it back later?"

ro2778

The harassment present in this thread is pretty disgusting considering the financial elites stash their money away routinely in tax havens. Perhaps those of you doing the harassing would make better use of your rule worshiping time by lobbying your MPs for tax reform rather than trolling some young person trying to get by in the modern world. Obviously my comments are not directed at those who have given impartial, non-accusatory advice above.

marksoton

ro2778 wrote: »

The harassment present in this thread is pretty disgusting considering the financial elites stash their money away routinely in tax havens. Perhaps those of you doing the harassing would make better use of your rule worshiping time by lobbying your MPs for tax reform rather than trolling some young person trying to get by in the modern world. Obviously my comments are not directed at those who have given impartial, non-accusatory advice above.

Harassment?

A question was asked, it's been answered.

I have no idea what this thread has to do with tax reform....

marksoton

ro2778 wrote: »

Obviously you can work out the abstract implications of my point, but as I don't wish to engage with a troll I'll simply say, if you can't you are an idiot as well as a troll.

And a good afternoon to you too...

saverbuyer

ro2778 wrote: »

The harassment present in this thread is pretty disgusting considering the financial elites stash their money away routinely in tax havens. Perhaps those of you doing the harassing would make better use of your rule worshiping time by lobbying your MPs for tax reform rather than trolling some young person trying to get by in the modern world. Obviously my comments are not directed at those who have given impartial, non-accusatory advice above.

Yes yes, the dolphins are dying in the Mekong Delta. How can you criticize mortgage fraud when the dolphins are dying?


Please someone think of the dolphins.