A Tricky One

Matt_L

two other brokers messed her around and she had no confidence in them so she is very nervous about speaking to brokers...

csgohan4

you must trust your GF and not like protecting your own assets.


Noone is going to look after you except yourself, careful with giving money to anyone other than yourself/married partner

erin110

Some lenders will allow you to gift her the deposit as a partner however, the underwriters will have a lot of questions. It depends how you explain it to them. With the right underwriter and the right story they should be happy. If you explain that your money was a gift and although you plan to live in the property when you are not working away you do not consider the property to be yours nor do you wish to have an interest in the property that could work. I would avoid telling them that you don't want to be on the mortgage because of your credit file. Speak to a broker if she has any issues.

muhandis

At the risk of repeating what everyone else has said, see a broker! Ask (friends/family/colleagues) around for recommendations. There is no dearth of whole of market independent mortgage brokers, it shouldn't be too hard to find a decent one.

Good luck.

Matt_L wrote: »

My GF has decided on a new build local to where she currently lives, she is a first time buyer. She will be applying for the HTB Equity Loan but has already passed the affordability checks done by Metro Finance and has a MIP from Halifax.

She has reserved a plot, but not left a deposit as the HTB application for the build hasn't come on line yet so they allowed her to reserve until it does,,, The price for the house is £155,000, she has a deposit of £24,000, with £31,000 coming from the HTB leaving a mortgage of £100,000.

The tricky part is where the deposit comes from. Its perfectly legal but this is a break down. £13,000 from her farther as a gift which she will get a statement for with supporting bank statements. £5,000 she has saved from her monthly wage which can clearly be seen on her bank statements.

However i started work in July of this year and decided to have my wage put directly into her account to help her build a deposit. Without going into to much detail about my personal life I have no credit history, i haven't even existed for the last 10 years and this is my first job where I'm paying taxes and ni.. So £6000 of the deposit has gone directly into her account and can be seen on her bank statements, thats my weekly wage, payed into her account on a weekly basis, on her statements it shows the amount, the company name i work for and my name. As of Thursday my wage will go into my own account which i opened last weekend with Halifax. So no more of my wage will go into her account..

Now i don't want my name to harm her when she goes for full application and i don't want my name on the mortgage, i will never have any ambition to own any part of the house.
In fact i start a new job in Feb which requires me to work away so might not even move into the house with her..

So is there a way of explaining the £6000 from me without it hurting her full mortgage application chances??

Thank you...