Getting a sole mortgage with partner using deposit

Haycap

Hi all,

Please can u have some advice. This will seem crazy it sounds it but i need your help. I am getting a mortgage on a house in my sole name withoit my husband as we are taking a break for 12 months, and he has gifted me the majority of the deposit but wint be living with me obviosily. I started the application naively thinking it wouldn't be an issue, my broker said it would be fine......
My partner has now said the depsoit he is gifting me has come frpm an old bank loan that he has ,

My question is im goibg throigh woolwich/barclays am i likely to be told no as my husband is gifting me the deposit, and qill it matter that he is using money from a bank loan.

I am desperate to move out as we are currently living together, on good terms, but want my own space, i can afford the mortgage alone and earn an okay wage.

I am stuck as i dont want to apply and waste money if there is no hope in hell of getting a mortgage this close to xmas

Any advice would be greatley apprecaited

Thanks

Mutton_Geoff

Do you also have a joint mortgage with him on the property he is remaining in?


This could be more complicated than just being able to justify the source of deposit, you may be trying to borrow more money when you are already responsible for the mortgage on the marital home and also the extra 3% stamp duty because you are buying an additional property.


Sorry not to be the bearer of better news.

cado1

If someone is gifting you money to be used as the deposit most lenders will require the person gifting the funds to sign a waiver saying that the funds are a gift and they have no interest in the property. It's pretty standard. As long as he signs the gifted deposit form to confirm it is a gift and not a loan TO YOU and the lender can satisfy their anti money laundering requirements how he gets the funds is not really of interest to them. Many parents release equity to help their children with deposits. A gift does not have to be repaid so the lenders to not need to include it in affordability.

Thrugelmir

Haycap wrote: »

I am getting a mortgage on a house in my sole name withoit my husband as we are taking a break for 12 months, and he has gifted me the majority of the deposit but wint be living with me obviosily.

The lender may think otherwise. What's the plan when the 12 months are up for instance?