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Gifting a deposit - any tips
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I'm not sure if there is a register but they should be FCA regulated. A Google search for your area should bring up a few local ones.horsewithnoname said:
Well I’m happy to sign anything to say it ishousebuyer143 said:
Lenders don't like "gifts" that end up needing to be repaid and I suppose how many friends give other friends large amounts of money and do not expect it back. Very few I imagine.horsewithnoname said:
Probably will need a small mortgage, seems odd that a lender would be concerned, but thanks, something to bear in mind.user1977 said:Is your friend getting a mortgage? Have they checked whether the lender will accept a gifted deposit from a friend?
The money laundering requirements are for their solicitor to explain to them, we don't know specifically what they'll be.
For this reason lenders are sceptical of gifted deposits from anyone who isn't a relative.
They will need to get a broker to ensure they go with someone who is okay with this arrangement.
a gift not a “gift” (loan); is there a register of mortgage brokers like there is IFAs?1 -
Yes i know but we have had similar posts on here where the OP says its a gift but in fact its a loan.horsewithnoname said:
A gift isn’t something that would be repaid, surely that would be a loan?TheJP said:Log on to bank account, transfer money, job done.
however....
If this gift is to be repaid then...
Log on to bank account, transfer money, make sure to have a proper contract in place, make sure loanee understands the implications of loan or put a charge on house, mortgage may be denied.
Pick one.1 -
Oh right. No, this will be a gift.TheJP said:
Yes i know but we have had similar posts on here where the OP says its a gift but in fact its a loan.horsewithnoname said:
A gift isn’t something that would be repaid, surely that would be a loan?TheJP said:Log on to bank account, transfer money, job done.
however....
If this gift is to be repaid then...
Log on to bank account, transfer money, make sure to have a proper contract in place, make sure loanee understands the implications of loan or put a charge on house, mortgage may be denied.
Pick one.0
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