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Selling when gifted money towards property
Comments
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How can you get a £255000 mortgage with a £5K deposit?“Quis custodiet ipsos custodes?”
Juvenal, The Sixteen Satires0 -
By means of a concessionary purchase i.e. where the lender treats the £40k discount from the valuation as being equivalent to a cash gifted deposit from the parents.davemorton said:How can you get a £255000 mortgage with a £5K deposit?1 -
If this is the case wouldn't that constitute mortgage fraud because his parents didn't actually give the money with no strings attached?user1977 said:
By means of a concessionary purchase i.e. where the lender treats the £40k discount from the valuation as being equivalent to a cash gifted deposit from the parents.davemorton said:How can you get a £255000 mortgage with a £5K deposit?0 -
If you mean it was actually a loan, then yes, that's the point I've been making above - either the parties accept it was a gift, or they have to backtrack and admit they had been conspiring to defraud the lender.MaryNB said:
If this is the case wouldn't that constitute mortgage fraud because his parents didn't actually give the money with no strings attached?user1977 said:
By means of a concessionary purchase i.e. where the lender treats the £40k discount from the valuation as being equivalent to a cash gifted deposit from the parents.davemorton said:How can you get a £255000 mortgage with a £5K deposit?2
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