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15% Deposit for 1st Time Buyer
Comments
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They do. They will want proof it's a gift.Barny1979 said:
But they often don't question it too stringently, she could say the money has been gifted by her parents.davidmcn said:
Mortgage lenders don't like deposits being borrowed.moneysavinghero said:If she can't afford it, she can't afford it, that's life. Or you could be wonderful parent and lend her the £3,500 she needs (taking out a loan in necessary) and then she could afford it.2024 wins: *must start comping again!*0 -
Isn't that more if you have borrowed it yourself?davidmcn said:
Mortgage lenders don't like deposits being borrowed.moneysavinghero said:If she can't afford it, she can't afford it, that's life. Or you could be wonderful parent and lend her the £3,500 she needs (taking out a loan in necessary) and then she could afford it.
As long as the parent states its a gift then they won't care of the parent borrowed it in the first place.0 -
Isn't that more if you have borrowed it yourself?davidmcn said:
Mortgage lenders don't like deposits being borrowed.moneysavinghero said:If she can't afford it, she can't afford it, that's life. Or you could be wonderful parent and lend her the £3,500 she needs (taking out a loan in necessary) and then she could afford it.
As long as the parent states its a gift then they won't care of the parent borrowed it in the first place.0 -
Maybe, but why the drama, there will be the same or similar house cheaper in the future? HTB is for developers benefit, not to help the OP`s daughter.Benjy79 said:
Isn't that more if you have borrowed it yourself?davidmcn said:
Mortgage lenders don't like deposits being borrowed.moneysavinghero said:If she can't afford it, she can't afford it, that's life. Or you could be wonderful parent and lend her the £3,500 she needs (taking out a loan in necessary) and then she could afford it.
As long as the parent states its a gift then they won't care of the parent borrowed it in the first place.0 -
Yes, but the suggestion was that the mother lends it to the daughter rather than gifts it.Benjy79 said:
Isn't that more if you have borrowed it yourself?davidmcn said:
Mortgage lenders don't like deposits being borrowed.moneysavinghero said:If she can't afford it, she can't afford it, that's life. Or you could be wonderful parent and lend her the £3,500 she needs (taking out a loan in necessary) and then she could afford it.
As long as the parent states its a gift then they won't care of the parent borrowed it in the first place.
Mother borrowing it and then gifting it shouldn't (in theory) be a problem, though I have heard of lenders querying it (presumably because it would seem less likely to be a genuine gift in those circumstances).1 -
Borrowing money to fund a debt they obviously can`t afford in the present climate? Not very smart or "money saving" IMO.0
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A parent borrowing £3,500 is virtually peanuts to give to a child for their forever home !davidmcn said:
Yes, but the suggestion was that the mother lends it to the daughter rather than gifts it.Benjy79 said:
Isn't that more if you have borrowed it yourself?davidmcn said:
Mortgage lenders don't like deposits being borrowed.moneysavinghero said:If she can't afford it, she can't afford it, that's life. Or you could be wonderful parent and lend her the £3,500 she needs (taking out a loan in necessary) and then she could afford it.
As long as the parent states its a gift then they won't care of the parent borrowed it in the first place.
Mother borrowing it and then gifting it shouldn't (in theory) be a problem, though I have heard of lenders querying it (presumably because it would seem less likely to be a genuine gift in those circumstances).
my sons have costs me £100,000 each0
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