Santander Applications

Daisydoooo

sarahholden47 said:

Advice please- I’m a first time buyer.
Can a parent take out a bank loan to then ‘gift’ to me to use as a 15% deposit?
Mixed messages from banks...
Thanks in advance 

Hi Sarah, yes some lenders will but they would need to sign a gifted deposit letter to say there was no obligation to repay or that they have no claim on the house. Santander allowed us to take our own loan to use as deposit but obviously factor it into affordability.

toellandback

MalMonroe said:

sarahholden47 said:

Advice please- I’m a first time buyer.
Can a parent take out a bank loan to then ‘gift’ to me to use as a 15% deposit?
Mixed messages from banks...
Thanks in advance 

No - if you have to rely on parents for a deposit, you are NOT a first time buyer at all. 

If I were a parent I'd be very wary of doing such a thing. If a parent were just giving you some of their savings to pay a deposit, that's a different matter but allowing your parents to put themselves into that kind of debt is unfair, in my opinion.  

I'd never take money from my parents if they'd had to take out a bank loan. Time to stand on your own two feet.

I hope banks are very careful before they allow this kind of loan.

Wow there is literally NO need to be so rude. She asked a question and you belittle her and tell her to "stand on her own two feet"? You know nothing else about her personal situation so what gives you the right to judge? It's !!!!!! like you that ruin this platform. We're meant to be helping each other.