Is This a Terrible Idea? Bank of Dad

Swasterix

1. Take gift off dad
2. Complete on house purchase
3. Take out personal loan
4. Repay dad
Simple...

bucksbloke

You should be saving a bit longer. 

SameOldRoundabout

In your OP you say you know your dad will “probably” try and give you the deposit money. He hasn’t actually offered yet? So you’ve already conjured up a plan involving fraud and loans and your poor father being the fall guy, when he hasn’t actually offered you any money? Entitled or what. 

annetheman

amandacat said:

I feel so sorry for your poor Dad.
Our daughter asked us to get a loan out for 5k last year for her house purchase as her and hubby couldn’t get one. My gut told me not to although my husband wanted to. I was brought up by my own parents to stand on my own two feet. I’ve never had any handouts when I got married, bought a house, I covered it all myself.  My husband is a typical Dad who would do anything for their daughter. 
I put my foot down on the loan and said no but we had 3k in savings and offered them £2500, £1k as a gift and £1500 as a loan. They got the other £2500 as a gift from his parents in the end. 
Anyway fast forward a year and we have had less than £200 of it back, all we got was how skint they are, can’t afford to eat and she got pregnant. In the end we just told them to forget the rest. Since then not a mention of being skint and they’ve managed to afford lots of house makeover jobs. 
If we had took out the loan we would be stuck paying it. I’m glad I trusted my gut. Unfortunately we were left with £500 savings and my husband was off work following an op recently for 2 months. The £2500 that would’ve got us through the 2 months was gone and we were left in hardship. 
The reason I’m telling this story is parents will often do anything for their kids. It’s sad that after previously affecting your Dad’s credit rating you want to get another loan from him or use his savings. I really think you need to stand on your own two feet. My daughter won’t be getting any further big lumps of money or loans from me, I know if I wasn’t around my husband would give her money again because he’s a softy where she’s concerned and it sounds like your dad is the same. 

Wow, my dad is obviously of the same stock as you. He flat out refused to take out a loan. I also flat out refused to let him dip into his savings for me. I am sending some information to my broker at L&C and just checked my online banking; there it is, £8,000 sent 2 days ago.

During our conversation I got the distinct impression that for him, it wasn't about the money at all. He just wants me to get on the property ladder - he was more congratulatory than anything...

I did know deep down he would just give it to me whether I wanted him to take it out of his savings or not, and you are right - loving parents will do anything for their kids.

Sure I can return the money, but I can never repay him for everything he has done as a dad! 

All those who have opinions on my close and loving relationship with my beloved father, I thank you for your contribution to my thread but you have absolutely no idea what you're talking about - I told my dad some of these comments and what a "terrible daughter" I am according to some people on the internet and he just laughed  

Thanks, all!

annetheman

Deleted_User said:

Hahahaha let's get Dad to commit fraud.... Lol

What a great daughter.  

Go to a lender that does shared ownership and let's you use a personal loan in your own name for a deposit.   I assume you have explored this before getting dad to sign a falisifed legal document?

Yes, I did. Chose not to. Why, you ask. I shall tell you:
-I don't like any of the new builds available via S/O
-If I have a personal loan out, I will be a less desireable candidate for banks to lend to
-My dad has, without telling me, now sent me the money a few days ago!
-He's fine with signing the lender's paperwork

Thanks, though

annetheman

Swasterix said:

1. Take gift off dad
2. Complete on house purchase
3. Take out personal loan
4. Repay dad
Simple...

If I borrowed more, this would be a very good solution - thank you!

I can pay him back within 6 months without taking a loan, so that is what we have agreed. Good advice, though

annetheman

John_ said:

I’ve just seen that you were doing so well a month ago that you had a deposit sorted out on a help to buy house. I’m sorry that your life has had such a downturn that you’re now having to consider having your family help.

Life’s funny like that, isn’t it?

My commiserations by the way on the San Francisco job falling through after you were offered it and were all ready to go.

By the way, it’s probably just an unfortunate coincidence but you’ve a very similar username to DantheMan24, a serial fantasist who got banned after making a series of improbable posts. Hard though it is to believe there are people out there who’ll invent life stories simply to provoke arguments and insult people. Their posting style was really like yours too. Was it your brother?

  how did I miss this response - the less you know and/or believe about my life and what I choose to do with my money and jobs the better. Yes, everything I say here is a lie and I am but a figment of your imagination 
DantheMan24 and I are also conspirators - you got us, you dogged sleuth!