Oversees source of gift

Locornwall

Completely understand. I just wish things were more clear and what lenders criteria was when it comes to deposit sources.

[Deleted User]

Locornwall wrote: »

Completely understand. I just wish things were more clear and what lenders criteria was when it comes to deposit sources.

It is clear to us what the criteria is for deposit sources to be fair. The problem here is that you are expecting 100 different companies to have the same criteria which they dont.

I am sure you are a specialist in your occupation and even without knowing what you do for a living i know that your knowledge about it is higher than mine. That is why you get the services of a mortgage professional to let you know what your options are.

Locornwall

Thanks JMA.

Im just trying to gauge how I can accumulate more for a deposit. If someone can give me some advice how it’s possible then great, but I didn’t get that from the broker, so I need to try and find out for myself. Eg. In order to raise for a deposit, can I sell items to someone I know? Personally, I can’t see any issues with that, although it seems some lenders may or may not allow it?

Thrugelmir

Locornwall wrote: »

Im just trying to gauge how I can accumulate more for a deposit.

Assuming that your are First Time Buyers then you should be saving for the deposit using either the HTB ISA or LISA schemes. There's no magical solutions. Lowering your expectations for your first property property is one. Once on the ladder easier to move upwards.

Locornwall

I’m not a FTB. I’ll have equity from my current home, savings, money coming in between now and completion from income, a small amount of inheritance and gifted money from close family. Apart from that, we need an extra £4000-£5000 towards stamp duty, as the developers said they won’t pay for all of it. That’s what I need to raise and am considering selling some possessions for that.

[Deleted User]

Locornwall wrote: »

Thanks JMA.

Im just trying to gauge how I can accumulate more for a deposit. If someone can give me some advice how it’s possible then great, but I didn’t get that from the broker, so I need to try and find out for myself. Eg. In order to raise for a deposit, can I sell items to someone I know? Personally, I can’t see any issues with that, although it seems some lenders may or may not allow it?

Without being able to tell you a magic solution. If you think you are trying to do something to hide where money came from then the lender will probably refuse it. If you sell a £1000 car to a friend for £1000 and keep receipts then no issue. If you sell a 20 year old rover 25 for £20,000 to a friend then thats going to be an issue.

There are lenders (maybe only 1 i can think of) that allow gifts from friends, 99.9% should allow gift from family, a couple even allow you to get a personal loan if your affordability fits.
If you are restricted for choice due to other factors it may be the list of lenders you are looking at gets too small to make it work. I cant speak for others on here but i cant think of many cases where i couldnt place it on the basis of the source of deposit.
Part of the skill in this job is having a good relationship with lenders to know how far they bend on criteria.
Id probably try a different broker to see if you get one a bit more imaginative (within money laundering and criteria rules). Make sure you see one with a lot of lenders to do business with as there is a massive section of the brokerage world that only has access to small number of lenders and only deals with 'vanilla' cases day in day out.

Locornwall

I like how you put the Rover analogy and understand it well. It would be from family.