Can I give my boyfriend money to pay contribute for his deposit?

Futurenurse99

Context: My boyfriend has decided to buy his first home this year or beginning of next year. I am not ready to buy my first home yet and no full time job.
Any chance I can give him 10k towards his mortgage or would this be an issue?

[Deleted User]

It would depend on the lender and the terms under which you're giving it to him.

Futurenurse99

The 10k would be towards his mortgage deposit.

[Deleted User]

I mean the terms under which you're giving him the money.

K_S

Futurenurse99 said:

Context: My boyfriend has decided to buy his first home this year or beginning of next year. I am not ready to buy my first home yet and no full time job.
Any chance I can give him 10k towards his mortgage or would this be an issue?

@Futurenurse99 From a mortgage point of view, with the right lender it won't be a problem that a non-borrower occupier (yourself) has contributed to the deposit.

MWT

Futurenurse99 said:

The 10k would be towards his mortgage deposit.

Do you expect him to repay the money to you, or are you buying a share in his property, or is this a complete gift with no strings attached?

Windofchange

You would have to look up the rules around gifting of money for the lenders you are considering. Generally, if you go on google and search for '<bank name> intermediaries' then you will be able to see the rules and regulations for products. As an example, the image below is from the Halifax intermediaries site, and it states that a partner living with the applicant is acceptable. Repeat this exercise for other lenders you are interested in. 


Whether this is a good idea or not, and what legal protection you want adding is another matter entirely. The idea of a gifted deposit is that you will need to sign something for the bank saying that it is a gift, and you do not expect repayment or wish to stake a claim in the property. Should things go sour between the pair of you, he may well in essence have your 10 grand with no onus on his part to pay you back a penny. It's not a situation I would want to be in even with my wife as who knows what is around the corner. 

lonibra

This come up very often and should not be a problem as long as you get the lender right - for this gift aspect and the rest of it. 

ACG

Are you GIVING him the money? 
Giving assumes there are no strings attached - examples being, you moving into the property or expecting the money back if you split up.

That being said, there are a couple of lenders who would allow you to give him the money or even give him the money but also get something secured against the property to say when the property is sold you are will get the money back. But that only applies if he sold the property. If he ended up letting out the property for 20 years, you may not see that money for 20 years.