Were you left a share of your nan's house in the will? In which case you should be able to show you've never received the proceeds of any sale and it's effectively been kept 'in trust' by your dad since and thus it is 'your' money.
Bit strange that. Concerns on IHT gifts? Seems an odd one
Just about everybody is nowadays. That could cause a massive crash, in itself!It doesn’t matter - some lenders (nationwide it seems is the worst) will not allow gifts as part of a deposit. Not something I was aware of as we were looking to do it ourselves
First time buyers: The end of the bank of mum and dad?
Nationwide has taken away the option for parents to help first-time buyers with small deposits.www.bbc.co.uk
Ah, got there after you and Google had
No issues when I had it surveyed with the actual build. It was pretty solid still and I'd say more sturdy and spacious than new builds.
It's just when you come to want to put cables into the wall it gets a pain!
I guess after the last crash, some lenders are spooked to react quickly. I can kind of see the point, with an uncertain job market.Yep that sounds like the deal. Absolutely ridiculous. Broker says it’s just a way to limit people artificially basically.
No. It was before they change IHT rules my Nan did the “sell them the house for a pound and rent it pack a penny a year thing” so it’s technically been my dads house for years and he just sold it and decided to give his kids some cash.
At the time I was going through divorce and basically didn’t want to risk it so said don’t give it to me until I need it. And here we are.
I guess after the last crash, some lenders are spooked to react quickly. I can kind of see the point, with an uncertain job market.
What I'd love to know is if it applies if you end up with a *bigger* proportion of the house value as a gifted deposit, if they still care.If it's basically a way to hedge against you being able to repay the mortgage, then they shouldn't?
This situation is another reason why I think there should be a house equivalent of an MOT every so often. If mortgage lenders/insurers are worried about non-standard builds then having that would allay the fears and the deposit required/insurance costs should be lower the more recent the survey because it should be lower risk.
Yeah, there are always some things that are counterintuitive. My house had underpinning about 15 years ago, and I got it cheap because of that... and could only get a mortgage as I only needed a small one! Surveyor came round and said it'd stay up longer than the ones that *hadn't* had it done across the street, but it spooks people a bit, and it'll mean it'll be a bugger to sell in any slump.It’s not really that these houses are any less robust. It’s an assessment that if markets go down then these properties decline at higher rates than non standard and these surveys are expensive and would put buyers off
Yes I would guess so. Also it’s probably just this lender applying risk assessment so factors of non standard property 10% deposit and gifted deposit all apply
I would guess other lenders probably would allow it on a standard brick built property
It’s not really that these houses are any less robust. It’s an assessment that if markets go down then these properties decline at higher rates than non standard and these surveys are expensive and would put buyers off
Your soul?And another one down Town and Country say no dice. Not looking good
Only possible route is I sell something to my dad for £13.5k, I don’t even have a car at the moment!
And another one down Town and Country say no dice. Not looking good
Only possible route is I sell something to my dad for £13.5k, I don’t even have a car at the moment!
That's a shame. Makes me think it's not a goer if they can't find one for you. Bugger.And another one down Town and Country say no dice. Not looking good
Only possible route is I sell something to my dad for £13.5k, I don’t even have a car at the moment!
And another one down Town and Country say no dice. Not looking good
Only possible route is I sell something to my dad for £13.5k, I don’t even have a car at the moment!
Argh! Stupid mortgage rules!
so my new broker has found a 90% LTV mortgage, BUT they only allow 25% of the deposit to be gifted. All my deposit is gifted. Can’t just transfer the money to me because of money laundering. Why do they care where my deposit comes from?
The irony of this is it’s my money! I just asked my dad to keep hold of it while I didn’t need it. Stupid.
Oh, not that it helps you, obviously(!) but I guess you've found why it came back on the market!
Looks like my house purchase is going to fall through. Turns out the house I want is “no fines” construction and HSBC will only lend with a 20% deposit (I only have 10%).
Anyone come across this? Is it worth me looking for another lender or should I avoid the house even though I’ve fallen in love with it? Anyone know of lenders that’ll lend on non standard construction houses?
Personally, you should stay away from no fines property.. My last house of several years had so many problems
Like what out of interest?
Argh! Stupid mortgage rules!
so my new broker has found a 90% LTV mortgage, BUT they only allow 25% of the deposit to be gifted. All my deposit is gifted. Can’t just transfer the money to me because of money laundering. Why do they care where my deposit comes from?
The irony of this is it’s my money! I just asked my dad to keep hold of it while I didn’t need it. Stupid.
Subsidence wouldn't be the house construction's problem tbf, it'd be the foundations.Damp, subsidence, can't drill into it, seriously cold in winters, way way way too hot in summers... Just stay away if I were you mate
Alot of tile hill no fines for example were only meant to be livable for around 50 years...
Subsidence wouldn't be the house construction's problem tbf, it'd be the foundations.
Ok I'm probably mixing it up with just cracking everywhere, big problem round windows and doors.
If this is strictly about where and how the deposit is put together it raises a few conflicting hurdles to the Gov'ts aims .
Now that may be right or wrong depending on viewpoint .
Especially at the lower end I would think.
Then the investors purchasing seem to have the benefit set against the recent tax on transactions.
So from here it seems it again benefits Investors over first timers again.
I'm not sure that was the Gov'ts aims ,but the banks look like they're going to scupper it if this is a general rule .
Or is it just prudence where the Gov't got a bit reckless?
I mean if you're jumping from renting you've probably been shelling something like£650prior to buying anyway .
That should be proof of ability.
I wonder if the issue arises for timber framed construction cause that can have just as significant pitfalls if done poorly.It’s simply this house. I was approved for the mortgage generally, it’s just non standard construction puts the shits up lenders.
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