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    • avh26
    • By avh26 10th Nov 18, 8:51 AM
    • 3Posts
    • 0Thanks
    avh26
    Gifted Deposit
    • #1
    • 10th Nov 18, 8:51 AM
    Gifted Deposit 10th Nov 18 at 8:51 AM
    Gifted Deposit from Partner

    Basically my very first home is due for completion on 30th November. Everything has been plain sailing until now, I received a phone call from my solicitor on Wednesday to explain the bank isn't satisfied with my partner gifting the deposit and residing in the address.
    Regrettably we both saved for the deposit in an ISA which is solely in her name, due to bad credit my partner cannot be on the mortgage. Obviously we both did not realise we would become unstuck at this stage but never the less we still have to find a solution.
    My mortgage broker is on holiday until next week so hoping some of you could shed some light on this.

    A few questions...
    'Is it possible to now state she will not be residing in the property?'
    'Can my parent take out a loan to gift the deposit and pay it off once the house has gone through?'
    'Will my mortgage broker have any tricks up his sleeve?'

    As you can imagine we are both devastated at the thought we could loose our new home.

    Thanks in advance for any replies.

    Last edited by avh26; 10-11-2018 at 9:06 AM.
Page 1
    • kingstreet
    • By kingstreet 10th Nov 18, 9:19 AM
    • 34,901 Posts
    • 18,993 Thanks
    kingstreet
    • #2
    • 10th Nov 18, 9:19 AM
    • #2
    • 10th Nov 18, 9:19 AM
    There are lenders accepting of such cases and there are lenders who aren't.

    It sounds like the wrong lender was chosen for this and you will need to change.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • avh26
    • By avh26 10th Nov 18, 9:46 AM
    • 3 Posts
    • 0 Thanks
    avh26
    • #3
    • 10th Nov 18, 9:46 AM
    • #3
    • 10th Nov 18, 9:46 AM
    Yes I suspect there will be other providers willing to accept that. Unfortunately that would be a case of us starting our application again and doubt the seller would be willing to wait.
    • Thrugelmir
    • By Thrugelmir 10th Nov 18, 11:18 AM
    • 62,450 Posts
    • 55,553 Thanks
    Thrugelmir
    • #4
    • 10th Nov 18, 11:18 AM
    • #4
    • 10th Nov 18, 11:18 AM
    'Will my mortgage broker have any tricks up his sleeve?'
    Originally posted by avh26
    Was your mortgage broker aware of your plans?
    "You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets." - Peter Lynch
    • avh26
    • By avh26 10th Nov 18, 11:25 AM
    • 3 Posts
    • 0 Thanks
    avh26
    • #5
    • 10th Nov 18, 11:25 AM
    • #5
    • 10th Nov 18, 11:25 AM
    Was your mortgage broker aware of your plans?

    Yes my broker was aware from the begging there has not been any hidden agenda.
    • Thrugelmir
    • By Thrugelmir 10th Nov 18, 11:36 AM
    • 62,450 Posts
    • 55,553 Thanks
    Thrugelmir
    • #6
    • 10th Nov 18, 11:36 AM
    • #6
    • 10th Nov 18, 11:36 AM
    Yes my broker was aware from the begging there has not been any hidden agenda.
    Originally posted by avh26
    If your broker was fully are of the facts. Then the source of the deposit should have been flagged as an issue. Attempting to deceive creates mistrust in business relationships. Lenders share application data here.

    https://www.nhunter.co.uk/howitworks/
    "You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets." - Peter Lynch
    • csgohan4
    • By csgohan4 10th Nov 18, 11:59 AM
    • 5,592 Posts
    • 3,636 Thanks
    csgohan4
    • #7
    • 10th Nov 18, 11:59 AM
    • #7
    • 10th Nov 18, 11:59 AM
    To be blunt OP, fraud is not something you want to be black listed for, as getting a mortgage in future will be very impossible

    You need to tell the truth to the broker/lender, how you do it is up to you.

    A gifted deposit is not a gift is it, if your paying it back to your parents?
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • AnotherJoe
    • By AnotherJoe 10th Nov 18, 8:17 PM
    • 12,853 Posts
    • 15,094 Thanks
    AnotherJoe
    • #8
    • 10th Nov 18, 8:17 PM
    • #8
    • 10th Nov 18, 8:17 PM
    Gifted Deposit from Partner

    Basically my very first home is due for completion on 30th November. Everything has been plain sailing until now, I received a phone call from my solicitor on Wednesday to explain the bank isn't satisfied with my partner gifting the deposit and residing in the address.
    Regrettably we both saved for the deposit in an ISA which is solely in her name, due to bad credit my partner cannot be on the mortgage. Obviously we both did not realise we would become unstuck at this stage but never the less we still have to find a solution.
    My mortgage broker is on holiday until next week so hoping some of you could shed some light on this.

    A few questions...
    'Is it possible to now state she will not be residing in the property?'
    You can state it. How believable do you think that is?

    'Can my parent take out a loan to gift the deposit and pay it off once the house has gone through?'

    Your parent can take out a loan and do whatever they wish with their money. If you pay it back its not a gift though is it? You might get away with it if you lied and your parent did on the form they sign stating its a gift.

    'Will my mortgage broker have any tricks up his sleeve?'

    Ask them


    As you can imagine we are both devastated at the thought we could loose our new home.

    Thanks in advance for any replies.

    Originally posted by avh26

    I think you'll have to wait until next week.
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • amnblog
    • By amnblog 11th Nov 18, 9:52 AM
    • 10,940 Posts
    • 4,366 Thanks
    amnblog
    • #9
    • 11th Nov 18, 9:52 AM
    • #9
    • 11th Nov 18, 9:52 AM
    Do not take any impulsive action here. No suggesting a change a circumstances to the Lender which could make matters worse.

    Wait for your Broker.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • foxy-stoat
    • By foxy-stoat 12th Nov 18, 9:13 AM
    • 3,801 Posts
    • 2,148 Thanks
    foxy-stoat
    due to bad credit my partner cannot be on the mortgage.
    Originally posted by avh26
    What is this bad credit you speak of?
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