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Deposit off ex-partner
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Confused321_2
Posts: 2 Newbie
Hope someone can help as I have looked for advice everywhere. My ex-boyfriend and I have spilt and he has offered to give me deposit for new house as I put a lot of my own money into his house.
He loves overseas so classed as non-resident. He says that he can’t just give me the money as he will be taxed so he will have to set up loan agreement with his solicitor so that he is not taxed. Is this correct or can he still give me the money without going down this route as I don’t trust him? Also this would probably affected my chance of mortgage? Any help/advice would be great
He loves overseas so classed as non-resident. He says that he can’t just give me the money as he will be taxed so he will have to set up loan agreement with his solicitor so that he is not taxed. Is this correct or can he still give me the money without going down this route as I don’t trust him? Also this would probably affected my chance of mortgage? Any help/advice would be great
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Comments
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Why would he be taxed? Where is he in the world? Is he a UK citizen?
Lenders don't like loaned deposits....I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
You don't get taxed for giving people money.
Your ex may get taxed in finding it to give to you, or you might get taxed if they die after giving it to you.
Lenders don't like loans, but some will live with it.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
He lives in Africa for job. Classed as non-uk resident as lives 9monthd out of country.0
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barge pole, keep your ex as your ex and politely decline, don't let money cloud your judgment"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
So he is not giving you any money but lending you money. Does the loan agreement say when repayment of the loan is due?0
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I would tell him that you want it as a gift, or you will be taking legal action to pursue him for the reimbursement of the money you invested into his house. I don't think it is correct (or fair) that he can take your money and then loan it back to you.
Hopefully you have evidence (bank statements/bills/receipts etc) of what you put into his house so you can back up your claim if you need to instruct a solicitor to take legal action.0
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