gifted deposit mortgage mess

inch_high

Wutang wrote: »

but its less than 5%

So that would be fine with Halifax.

Wutang_2

you're telling me Halifax would accept a 4.1% gifted deposit?? I think not - thats a 95.9% mortgage!!! Not a Halifax product I am aware of

inch_high

Wutang wrote: »

you're telling me Halifax would accept a 4.1% gifted deposit?? I think not - thats a 95.9% mortgage!!! Not a Halifax product I am aware of

Slight crossed wires, Halifax would accept a 4.1% - but as the max LTV is 95% they'd obviously need to put 0.9% down themselves as well.

Ian_Griffiths_Halifax

Wutang wrote: »

but isnt 117k on a 122k property still only 95.9%...? I can't say I have seen many mortgage companies accepting a 4.1% gifted deposit lately.

That's why I said it could only be the Halifax. They do a 97% mortgage if you go direct, and so they would accept the 4.1% gifted deposit whereas I don't know of a single other lender who would.

bishbash55

ok got an update.

the sale went through, the buyer produced a letter from then lender (his mosque). stating they were fully aware of the gift deposit.
my solicitor (who were the ones saying they wanted to pull the plug as they were of the opinion it was mortgage fraud) accepted the letter in the end. (with some pressure from myself).

what my solictor told me was if we had agreed this gift certificate from the start and all parties aware there would of been no poblems.
because it was rejected initially my solicitor was claiming mortgage fraud.... and insisted on clarification from the lender to cover themselves.
they were unprepared to let me change my mind on the gift cert idea.

really happy it went through in the end, the market in my immediate postcodes is grinding to a halt and i really needed this buyer.

thanks for all the advice guys.

my advice to anyone moving house is simple. be prepared to do as much work as the solicitor you pay.

Ian_Griffiths_Halifax

Wow. First time I've come across a mosque doing mortgages. You learn something new every day.:shocked:

Glad you've managed to get it all sorted.