Sole mortgage but gifted deposit from common law

Meechmouse

im self employed too with 2 years books but currently claiming maternity allowance I don't think that was on the list of income they would accept. I'm just hoping they are ok with the deposit so we can move :-)

AnotherJoe

I have signed that I have no interest in the property but we we'll be getting a deed of trust put in place so that I would get a certain amount from the sale of the new house after the mortgage has been paid off.

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Isn't that a contradiction? Itwould seem to me that you quite clearly do have an interest in the property?

chanz4

Surprised its not been seen as application fraud

Thrugelmir

AnotherJoe wrote: »

I have signed that I have no interest in the property but we we'll be getting a deed of trust put in place so that I would get a certain amount from the sale of the new house after the mortgage has been paid off.

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Isn't that a contradiction? Itwould seem to me that you quite clearly do have an interest in the property?

Only when the mortgage is paid off though.

Meechmouse

This is why I'm asking for advice / experiences. I don't the know the ins and outs of these processes or whats right or wrong all ive done is be honest with my mortgage broker and she has found a suitable mortgage but it's since doing my own research ive come across a grey area with the deposit. Would the deed of trust have a negative impact on the application? The lender is aware that there will be one put in place and what will be documented. We're just waiting now for them to give the go ahead to proceed. Really not sure what to think at this point

Meechmouse

Really worried now why would this been seen as application fraud? Can someone please clarify :-/

AnotherJoe

I don't know why you started another thread, this one surely is sufficient ?

I have done a deed of trust for a similar situation with the big differences that the mortgage lender was informed of the source of the deposit at application time, which it sounds as if your broker hasn't done, plus I had to sign a disclaimer stating that I would not live in the house.

I do recall that Halifax will accept a deposit from someone who will live in the house, as someone reported a similar situation where parents provided the deposit and lived in the house, but you need to declare it all upfront. You really cannot say you have no interest in the house if you firstly have a deed of trust that says the deposit for it is yours, and secondly you will live there! How can that not be an interest in the house ??

I'd be worried if your broker hasn't passed this info on the source of the deposit to Halifax.

I think the comments on application fraud are from you/your broker seemingly being economical with the truth regards the source of the deposit. But maybe that's wrong and didn't come across correctly in your initial post?

Meechmouse

Thanks for the reply Id posted a another thread as the question is different to what I originally asked on this thread. Like I said the majority of the deposit has come from a joint house sale which Halifax are aware of.

AnotherJoe

Meechmouse wrote: »

Thanks for the reply Id posted a another thread as the question is different to what I originally asked on this thread. Like I said the majority of the deposit has come from a joint house sale which Halifax are aware of.

Looks like the same Q to me except with less detail as you omit that you will be living in the house, which which is a crucial piece of info.

You seemed to indicate that Halifax were not aware that much of the deposit was your money. Did I read that wrong?

Newbiebuyer2016

Many lenders accept maternity, we currently were doing this and partner is self employed.

If it didn't count and your CCJ is not the real problem wouldn't you have just been on the mortgage as a £0 income? We looked at this possibility too.