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Deed trust

I’ve spoken with mortgage advisor who has advised my parent put deposit in the house but do a deed of trust. Would this affect my credit rating? I’ve been looking on google and my credit excellent and don’t want to affect it. He only putting it in to help he isn’t bothered about being named on the property and will help us with a reduce stamp duty 

Comments

  • user1977
    user1977 Posts: 17,439 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Why would it affect your credit rating? I don't see where this would come up on your credit record. 
  • Bookworm225
    Bookworm225 Posts: 321 Forumite
    100 Posts Name Dropper
    edited 24 May at 5:02PM
    depends what you mean by "credit rating'

    your lender may not like the fgct the deposit is a loan if the deed of trust establishes a claim to get the money back if the property is sold (or repossessed)

    alternatively if the DoT is in actual fact a renunciation of any claim over the money, the lender will love it 


  • SDLT_Geek
    SDLT_Geek Posts: 2,860 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    Wd85 said:
    I’ve spoken with mortgage advisor who has advised my parent put deposit in the house but do a deed of trust. Would this affect my credit rating? I’ve been looking on google and my credit excellent and don’t want to affect it. He only putting it in to help he isn’t bothered about being named on the property and will help us with a reduce stamp duty 
    You need to think again about the stamp duty!

    Are you buying in England so the relevant stamp duty is stamp duty land tax?

    Your parent has another property and will not be living with you?
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