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Vendor gift on mortgage
Alison84
Posts: 2 Newbie
Hi all! Hoping you can help as I have gotten nowhere with Halifax 
I have a mortgage with my now ex partner and have had it for 6 years. For the 6 years before that my partner had the mortgage with another ex. My partner purchased the house from her mum with her ex, and at the time of purchase, a £10,000 vendor gift was given to them by her mum to help them get the mortgage. I signed onto the mortgage in her exs place in 2012. My ex partner is now saying the £10k vendor gift needs to be paid back to her mum when we sell the house and it's in the mortgage contract (I've never seen any mention of it and it's not on the deeds). So she's saying I have to pay towards this £10k.....is that true? Any help would be greatly appreciated! X
I have a mortgage with my now ex partner and have had it for 6 years. For the 6 years before that my partner had the mortgage with another ex. My partner purchased the house from her mum with her ex, and at the time of purchase, a £10,000 vendor gift was given to them by her mum to help them get the mortgage. I signed onto the mortgage in her exs place in 2012. My ex partner is now saying the £10k vendor gift needs to be paid back to her mum when we sell the house and it's in the mortgage contract (I've never seen any mention of it and it's not on the deeds). So she's saying I have to pay towards this £10k.....is that true? Any help would be greatly appreciated! X
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Comments
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It doesn't sound like it was a gift if it now has to be repaid.0
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Likely to have been loan, to be repaid when the property is sold. If that is the case, then the £10K will be repaid to mum before any remaining equity can be divvied up.
Friends did this when their daughter and fiance needed help getting the deposit together - they didn't want their £15K being classed as a marital asset in the event of divorce, so it was deemed to be an interest free loan to be repaid if and when the when the property was sold.0 -
Well presumable the only equity you have in the house is based on the mortgage payments you made, so whether this was a gift or not, you should not have to pay any of it. Your ex is the only person who benefited from this "gift" so she should repay the lot.0
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I think the only agreement of it being 'a loan' was between my ex and her mum.
My partner is saying it was a vendor gift which they signed in the mortgage to say it must be repaid but I think she may be trying to fool me.
I don't think I have to pay this as if anything was signed, it wasn't by me....and if it was a vendor gift then it need not be repaid? X0 -
If there's no documentation to support the assertion then tough on your ex. Don't fall for it. You would have been party to any such arrangement when you became party to the mortgage. The ex can repay the gift out of there share of the equity.0
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even better ask your solicitorDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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