Gifted Deposit

avh26

Gifted Deposit from Partner

Basically my very first home is due for completion on 30th November. Everything has been plain sailing until now, I received a phone call from my solicitor on Wednesday to explain the bank isn't satisfied with my partner gifting the deposit and residing in the address.
Regrettably we both saved for the deposit in an ISA which is solely in her name, due to bad credit my partner cannot be on the mortgage. Obviously we both did not realise we would become unstuck at this stage but never the less we still have to find a solution.
My mortgage broker is on holiday until next week so hoping some of you could shed some light on this.

A few questions...
'Is it possible to now state she will not be residing in the property?'
'Can my parent take out a loan to gift the deposit and pay it off once the house has gone through?'
'Will my mortgage broker have any tricks up his sleeve?'

As you can imagine we are both devastated at the thought we could loose our new home.

Thanks in advance for any replies.

:wave:

kingstreet

There are lenders accepting of such cases and there are lenders who aren't.

It sounds like the wrong lender was chosen for this and you will need to change.

avh26

Yes I suspect there will be other providers willing to accept that. Unfortunately that would be a case of us starting our application again and doubt the seller would be willing to wait.

Thrugelmir

avh26 wrote: »

'Will my mortgage broker have any tricks up his sleeve?'

Was your mortgage broker aware of your plans?

avh26

Was your mortgage broker aware of your plans?

Yes my broker was aware from the begging there has not been any hidden agenda.

Thrugelmir

avh26 wrote: »

Yes my broker was aware from the begging there has not been any hidden agenda.

If your broker was fully are of the facts. Then the source of the deposit should have been flagged as an issue. Attempting to deceive creates mistrust in business relationships. Lenders share application data here.

https://www.nhunter.co.uk/howitworks/

csgohan4

To be blunt OP, fraud is not something you want to be black listed for, as getting a mortgage in future will be very impossible

You need to tell the truth to the broker/lender, how you do it is up to you.

A gifted deposit is not a gift is it, if your paying it back to your parents?

AnotherJoe

avh26 wrote: »

Gifted Deposit from Partner

Basically my very first home is due for completion on 30th November. Everything has been plain sailing until now, I received a phone call from my solicitor on Wednesday to explain the bank isn't satisfied with my partner gifting the deposit and residing in the address.
Regrettably we both saved for the deposit in an ISA which is solely in her name, due to bad credit my partner cannot be on the mortgage. Obviously we both did not realise we would become unstuck at this stage but never the less we still have to find a solution.
My mortgage broker is on holiday until next week so hoping some of you could shed some light on this.

A few questions...
'Is it possible to now state she will not be residing in the property?'
You can state it. How believable do you think that is?

'Can my parent take out a loan to gift the deposit and pay it off once the house has gone through?'

Your parent can take out a loan and do whatever they wish with their money. If you pay it back its not a gift though is it? You might get away with it if you lied and your parent did on the form they sign stating its a gift.

'Will my mortgage broker have any tricks up his sleeve?'

Ask them


As you can imagine we are both devastated at the thought we could loose our new home.

Thanks in advance for any replies.

:wave:

I think you'll have to wait until next week.

amnblog

Do not take any impulsive action here. No suggesting a change a circumstances to the Lender which could make matters worse.

Wait for your Broker.

foxy-stoat

avh26 wrote: »

due to bad credit my partner cannot be on the mortgage.

What is this bad credit you speak of?