Gifted deposit for buy to let

kingstreet

75% on a newbuild flat for BTL for someone who has owned their own property previously and Precise was the answer?

Why? Precise is a last-resort kind of lender for us and not a go-to for what you are describing.

Ozzuk

I'd give this some serious thought (though I'm sure you have). Terrible time to buy a BTL for income/profit (though very long investment it can be okay). But you've also the risk not only of increased costs if tenant fails to pay/trashes property but you also need to make sure it is a true gift - I.e. your partner is writing it off and never wants it back. Otherwise if your relationship fails you'll also have that to deal with - on an asset that could have fallen in value (but could also rise).

As you aren't really doing this on your own if having gifted money, maybe sharing the risk and reward is a better option. Or perhaps it is a joint asset but you manage it so the income comes to you alone, I've no idea on legality of that and be careful if one of you already a higher rate tax payer but it can be seen as your business so meets your goal.

markin

Any friends at work willing to go 50/50 with you? And in time get a second one alone or together to bring the income up.


Or you will have to try another broker and hope they find more options.

xylophone

Well, I suppose that the affianced could make an absolute gift of £21,000 and the OP could buy herself some premium bonds.

After a year or so, she could sell them and put the cash into her savings account where she is holding the rest of her spare cash.

She decides on a "trial separation" from the affianced and gets a residential mortgage on a flat near work.

She lives in the flat for a year or so while still seeing the affianced (to check whether they really want to be separated).

After the year they decide that they cannot bear to be apart so she moves back to the farm and they walk down the aisle of the lovely 12th century village church to make their vows before the dear old vicar.

She seeks consent to let from the mortgage company.

And there we are - she has the flat and the rental income.....:rotfl: