Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Announcement

Collapse
No announcement yet.

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

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • 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.

  • shanerobert
    replied
    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.

    Leave a comment:


  • Lilla D
    replied
    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.

    Leave a comment:

Working...
X