Gift from partner

dashing4uu

Dear All,

We are first time buyers. My deposit is split in 3 parts.
My salaries for 3 months 6k.

Wife working and took a loan and transferred about 3k.

I lent my brother 5k about 3 years back. He is also into employment and has started paying back 1500 each month for two months now, due about 2k, which he will pay this month.

Want to apply as single applicant towards property of £130k. Will the bank/lender accept this as a deposit!.

Thanks
Amit

ACG

Very few lenders are going to accept a gift from your wife. Why is she not going on the Mortgage with you?

dashing4uu

Thanks for your reply, she has a large debt of about 10k personal loan, monthly commitment of EMI’s and have 2 kids to look after! My debt is around 3k and no chilcare costs with clean credit history, hence didnt want her as a joint applicant.

csgohan4

as ACG said, your wife is also a dependant as you are married.


Borrowed deposits are also frowned upon as well.


You need to speak to a broker to get a clearer picture of what you need now and in the future

ACG

dashing4uu wrote: »

Thanks for your reply, she has a large debt of about 10k personal loan, monthly commitment of EMI’s and have 2 kids to look after! My debt is around 3k and no chilcare costs with clean credit history, hence didnt want her as a joint applicant.

That is one of the reasons lenders do not like to do single applications for married couples.

There are also a couple of other reasons.

It can be done, but your options are limited to probably less than a handful of lenders.

dashing4uu

The broker has been suggesting there are a few lenders who will consider these type of applications provided the rates will be higher and/or the fees would be a bit more!!

Just wanted to go on the property ladder asap, its already too late as im 37 now!

ACG

Rates should not be higher, there is at least one high street lender who will do it I am aware of. There are also a couple of building societies.