Gifted deposit question

lookstraightahead

If you give a gift but want it back, it's not a gift.

Looking at your other thread you have no intention of not wanting the money back, you can't say you don't want it back but then have a document saying you do.

imamutant

Ok thanks for the answers everyone.

I was simply asking a question, as my Gift Declaration letter mentions the option of having a Deed of Trust, and to my understanding some lenders do in fact allow "repayable gifts" where the gift has to be repaid on the sale of property. I'm not trying to create a fraudulant application or get under everyones skin which seems to be happening here lol. Anyway, thanks for everyone answers.

Olinda99

A 'repayable gift' certainly exists and is possible to set up

It is called a loan.

imamutant

Olinda99 said:

A 'repayable gift' certainly exists and is possible to set up

It is called a loan.

Yes very clever! Solicitors have said a small amount of lenders accept something called "Repayable gifts" aswell as standard Loans/gifts! Thats what I was referring too in my last post.

DE_612183

I thought the deed of trust creates a charge on the property in question - which most lenders don't like - if the property has to be repossessed in the future they want to have as much of the sale as they can to negate their loan.

You ( or your brother ) may well find a mortgage company to accept this - but I would think that this would be an additional risk, and with additional risk comes a higher interest rate....

user1977

imamutant said:

Olinda99 said:

A 'repayable gift' certainly exists and is possible to set up

It is called a loan.

Yes very clever! Solicitors have said a small amount of lenders accept something called "Repayable gifts" aswell as standard Loans/gifts! Thats what I was referring too in my last post.

Why isn't your brother seeking advice from his solicitor about this? It's up to him to comply with whatever his lender's requirements are.

kingstreet

There are lenders who accept a loan from a relative and allow it to be secured by a second charge. The when is a gift not a gift argument is then redundant...

MEM62

imamutant said:

I'm gifting my brother some money for a depost. 

imamutant said:

I don't want to earn any interest on the money but want to ensure the amount is returned to me after the house is sold in the future. 

Then it is not a gift. You and you brother would be wise not to try and fool the mortgage lender into thinking otherwise.   

imamutant

Slithery said:

imamutant said:

I'm gifting my brother some money for a depost.

imamutant said:

but want to ensure the amount is returned to me

[Quoted post removed by Forum Team]

Is there any need to be so rude? It was a simple question, the solicitors have said to me there are 'Gifts', 'Loans' and 'Repayable Gifts' (Given by a small amount of lenders). In my gift declaration letter, it asks me 'Is the Gift repayable?' and 'Is there a deed of trust'... This is what my question refers too. Jesus Christ why is everyone on this forum so difficult.

imamutant

MEM62 said:

imamutant said:

I'm gifting my brother some money for a depost. 

imamutant said:

I don't want to earn any interest on the money but want to ensure the amount is returned to me after the house is sold in the future. 

Then it is not a gift. You and you brother would be wise not to try and fool the mortgage lender into thinking otherwise.   

As stated many many many times in my previous comments...... There is no intention to fool anyone. The solicitors have said some lenders accept a 'Repayable Gift' and my Declaration letter asks 'Is the gift repayable' and 'is there a deed of trust'. This is what my questions refers too. I was simply seeking some clarification on these points as the solicitors were not in the office that day.

Thanks to like the 2 people who actually gave useful information without being rude and patronizing like everyone else here