Deposit from cohabiting partner

tashytashytashy

i am applying for a mortgage in my name. We cannot get accepted as joint application as boyfriend has recent ccj on credit file. We are looking at setting a cohabitation agreement to set that he will be entitled to half the property if things got sour. We both have an equal deposit amount of 5k each as well as a gift from parents of 3k. I have read that santander will not accept gift deposit from a person that will be living in the property. Is there any way around this???

Pixie5740

Engage a mortgage broker and find one of the (few) lenders who will accept a gifted deposit from someone who will live in the property but not be named on the mortgage.

kingstreet

tashytashytashy wrote: »

I have read that santander will not accept gift deposit from a person that will be living in the property. Is there any way around this???

No, there isn't.

You will need another lender.

BTW if you attempt to give him an interest when he is 'gifting' you part of the deposit, you are likely to fall-foul of the rules where he will be required to relinquish all interest. The two things are not consistent.