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Bad Credit Mortgage - Gifted Deposit to buy from person who gifted?

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  • Bad Credit Mortgage - Gifted Deposit to buy from person who gifted?

    Hi all, I am looking to buy my flat which I currently rent from my stepdad, my stepdad is willing to gift me a deposit to buy his flat. ( i really want to buy it as I've lived here 6+ years) Is this possible with no implications? Also, i will need a mortgage for those with bad credit.

  • #2
    Hi Camillia,

    An inter-family purchase at below market value is normal and many lenders support it. You don't need a physical gift (i.e. money transfer from your stepdad), but the "gifted deposit" is the difference between the market value and the actual lower purchase price. Because this way there is "built-in" equity, some lenders would not even need any money from your savings to be put down towards the purchase. Others would normally accept a relatively small deposit.

    Re options with bad credit history, this really depends on the details of your credit history, so best to speak to a broker. I would be happy to help, as would other brokers, so the ball is in your court

    We are whole of market independent mortgage broker. We advise on mortgages UK wide including London, South East and as far afield as Scotland and Wales.
    I am a Mortgage Advisor
    For further information and for tailored advice:
    [email protected]


    • #3
      There's no such thing as a bad credit loan, there are a few reasons for this like bad credit, and ambiguous description that doesn't provide any real information about an individual's credit. Another reason bad credit loans is that lenders aren't really offering something called a Bad credit loan.
      Last edited by shanerobert; 09-08-2019, 09:29 AM.
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