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Single Application when married gifted deposit from partner.
Bluebound1
Posts: 2 Newbie
Hello,
I'm a first time buyer looking for a mortgage lender, does anyone know of any lenders that accepts single applications when married and also accepts that my parter will be gifting some of the deposit. I know Natwest was one, but unfortunately after going through the application process for 5 weeks they are only able to lend around 90% of what I needed. We have a decent deposit for the house we have our offer accepted on (roughly 78% LTV) but a lot of the deposit is coming from my partner. I have heard that some lenders don't like someone gifting the deposit living in the property.
Thanks for any suggestions
I'm a first time buyer looking for a mortgage lender, does anyone know of any lenders that accepts single applications when married and also accepts that my parter will be gifting some of the deposit. I know Natwest was one, but unfortunately after going through the application process for 5 weeks they are only able to lend around 90% of what I needed. We have a decent deposit for the house we have our offer accepted on (roughly 78% LTV) but a lot of the deposit is coming from my partner. I have heard that some lenders don't like someone gifting the deposit living in the property.
Thanks for any suggestions
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Comments
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The obvious question is why are you trying to keep your partner off the mortgage?Have you been advised to do this by a broker who has reviewed all the necessary information?1
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@bluebound1 Yes, it is possible with some not all lenders. As MWT indicated, it also depends on the reason for leaving off the partner/spouse. For example there are lenders who are fine with some of the deposit coming from a non-borrower spouse, but will decline if the reason for leaving off the spouse is their poor credit history.Bluebound1 said:Hello,
I'm a first time buyer looking for a mortgage lender, does anyone know of any lenders that accepts single applications when married and also accepts that my parter will be gifting some of the deposit. I know Natwest was one, but unfortunately after going through the application process for 5 weeks they are only able to lend around 90% of what I needed. We have a decent deposit for the house we have our offer accepted on (roughly 78% LTV) but a lot of the deposit is coming from my partner. I have heard that some lenders don't like someone gifting the deposit living in the property.
Thanks for any suggestions
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That's due to the fact that the gift legally creates a financial interest. Why not simply add your partner to the application?Bluebound1 said:I have heard that some lenders don't like someone gifting the deposit living in the property.0
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