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Savings and Investments thread
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7297 please.0
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7390 please.
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7415 for me please.0
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Thanks all, so far below, please check I haven't missed you!
Name Level Morboe 7312 Daarrrzzettbum 7333 No.1 in South London 6985 Bangkokaddick 7390 blackpool72 7400 RalphMilne 7415 gunnessaddick 7458 Hoof_it_up_to_benty 7495 Rob7Lee 7505 Covered End 7512 WishIdStayedInThe Pub 7544 CharltonKerry 7594 LargeAddick 7647 valleynick66 7654 fat man on a moped 7681 HardyAddick 7692 bobmunro 7784 0 -
7466 for me please0
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71590
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7654 please0
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Name Level Thread Killer 7159 Pedro45 7297 Morboe 7312 Daarrrzzettbum 7333 No.1 in South London 6985 Bangkokaddick 7390 blackpool72 7400 RalphMilne 7415 gunnessaddick 7458 Housty 7466 Hoof_it_up_to_benty 7495 Rob7Lee 7505 Covered End 7512 WishIdStayedInThe Pub 7544 CharltonKerry 7594 LargeAddick 7647 valleynick66 7654 MrOneLung 7654 fat man on a moped 7681 HardyAddick 7692 bobmunro 7784 0 -
£50 from Ernie this month.0
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Not sure if this is the right thread but wondered if someone could help me. Me and my girlfriend had an offer accepted on a house yesterday and we are a few ££ short of a 15% deposit. My gf's nan has said she will lend us the £2000 that we need but as she is an old lady, she wants to give it to us in cash. Is this gonna cause an issue when they come to checking our deposit?0
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7450 for me please0
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IFA & mortgage broker here......jacob_CAFC said:Not sure if this is the right thread but wondered if someone could help me. Me and my girlfriend had an offer accepted on a house yesterday and we are a few ££ short of a 15% deposit. My gf's nan has said she will lend us the £2000 that we need but as she is an old lady, she wants to give it to us in cash. Is this gonna cause an issue when they come to checking our deposit?
Depends on how its done, which lender you apply to & if you are using a broker.
Officially your nan should complete a "Gifted Deposit" form which says that the £2k is an outright gift, that it is never to be repaid & that she has no financial interst in the property.
Unofficially, she could just give you the £2k & you simply put it into your savings account and say nothing. Although lenders will want to see proof of your deposit its very rare that they ask where all the money had come from. If they can see regular payments going in from your main bank accounts then thats usually enough. Obviously a random £2k just appearing in an account might arouse suspicion & questions might be asked.
As I say, depends on the lender & what other savings you have & what you have to show.
However, it does beg the question that if your are £2k short for the deposit do you have monies for all the incidentals like survey costs, solicitors fees & removals - not mentioning stamp duty if you miss the Sept 30th deadline. If you have a few thousand put by for this (and you really should) then cant you just use this money towards the deposit & your nan subs you for the incidentals as & when.
The mortgage & exchange deposit are the ones most heavily policed. You will need to show both the lender & the solicitor that you have the required amounts when asked.1 -
Thanks Golfie, really appreciate the advice.golfaddick said:
IFA & mortgage broker here......jacob_CAFC said:Not sure if this is the right thread but wondered if someone could help me. Me and my girlfriend had an offer accepted on a house yesterday and we are a few ££ short of a 15% deposit. My gf's nan has said she will lend us the £2000 that we need but as she is an old lady, she wants to give it to us in cash. Is this gonna cause an issue when they come to checking our deposit?
Depends on how its done, which lender you apply to & if you are using a broker.
Officially your nan should complete a "Gifted Deposit" form which says that the £2k is an outright gift, that it is never to be repaid & that she has no financial interst in the property.
Unofficially, she could just give you the £2k & you simply put it into your savings account and say nothing. Although lenders will want to see proof of your deposit its very rare that they ask where all the money had come from. If they can see regular payments going in from your main bank accounts then thats usually enough. Obviously a random £2k just appearing in an account might arouse suspicion & questions might be asked.
As I say, depends on the lender & what other savings you have & what you have to show.
However, it does beg the question that if your are £2k short for the deposit do you have monies for all the incidentals like survey costs, solicitors fees & removals - not mentioning stamp duty if you miss the Sept 30th deadline. If you have a few thousand put by for this (and you really should) then cant you just use this money towards the deposit & your nan subs you for the incidentals as & when.
The mortgage & exchange deposit are the ones most heavily policed. You will need to show both the lender & the solicitor that you have the required amounts when asked.
We will have a chat with our advisor next week and see what he says. I didn't want to mess anything up by just accepting the money and then when they come to audit we get in trouble. They have been asking for bank statements so didn't just want £2k showing up in cash as might look dodgy.
We don't need to pay stamp duty on the property as it's less than 300k. We both still live at home so in the next few months before we are able to move in, we will be able to get the money for all the other things we need to pay for. It's just about now proving we have the 15% so we can get a better mortgage deal but won't able to get the money for that until mid August as again they have asked for proof of deposit.1 -
You can still get the 85% LTV deal without having to show proof of deposit at the moment. The lender might not be prepared to go to Offer without seeing documents or statements showing the 15% deposit but that shouldn't stop you applying for said mortgage now.jacob_CAFC said:
Thanks Golfie, really appreciate the advice.golfaddick said:
IFA & mortgage broker here......jacob_CAFC said:Not sure if this is the right thread but wondered if someone could help me. Me and my girlfriend had an offer accepted on a house yesterday and we are a few ££ short of a 15% deposit. My gf's nan has said she will lend us the £2000 that we need but as she is an old lady, she wants to give it to us in cash. Is this gonna cause an issue when they come to checking our deposit?
Depends on how its done, which lender you apply to & if you are using a broker.
Officially your nan should complete a "Gifted Deposit" form which says that the £2k is an outright gift, that it is never to be repaid & that she has no financial interst in the property.
Unofficially, she could just give you the £2k & you simply put it into your savings account and say nothing. Although lenders will want to see proof of your deposit its very rare that they ask where all the money had come from. If they can see regular payments going in from your main bank accounts then thats usually enough. Obviously a random £2k just appearing in an account might arouse suspicion & questions might be asked.
As I say, depends on the lender & what other savings you have & what you have to show.
However, it does beg the question that if your are £2k short for the deposit do you have monies for all the incidentals like survey costs, solicitors fees & removals - not mentioning stamp duty if you miss the Sept 30th deadline. If you have a few thousand put by for this (and you really should) then cant you just use this money towards the deposit & your nan subs you for the incidentals as & when.
The mortgage & exchange deposit are the ones most heavily policed. You will need to show both the lender & the solicitor that you have the required amounts when asked.
We will have a chat with our advisor next week and see what he says. I didn't want to mess anything up by just accepting the money and then when they come to audit we get in trouble. They have been asking for bank statements so didn't just want £2k showing up in cash as might look dodgy.
We don't need to pay stamp duty on the property as it's less than 300k. We both still live at home so in the next few months before we are able to move in, we will be able to get the money for all the other things we need to pay for. It's just about now proving we have the 15% so we can get a better mortgage deal but won't able to get the money for that until mid August as again they have asked for proof of deposit.2 -
Can I join in please 75010
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Your Solicitor will also want evidence of where the funds have come from. Also, is this a new build, buying directly from the builder? If not 99% of deposits are just 10% these days.jacob_CAFC said:Not sure if this is the right thread but wondered if someone could help me. Me and my girlfriend had an offer accepted on a house yesterday and we are a few ££ short of a 15% deposit. My gf's nan has said she will lend us the £2000 that we need but as she is an old lady, she wants to give it to us in cash. Is this gonna cause an issue when they come to checking our deposit?1 -
I’m on hols, would like to wait til I’m back next Monday.Rob7Lee said:1 - Sponsored links:
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Can I lump in with mine please, which is 7,634, the same as I guessed for the end of June.
Cheers.0 -
76760
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7700 please if its still available!0
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I think the OP meant the deposit needed to buy the house, not the one needed at exchange. ie, they can get an 85% mortgage & has 15% to put down.LargeAddick said:
Your Solicitor will also want evidence of where the funds have come from. Also, is this a new build, buying directly from the builder? If not 99% of deposits are just 10% these days.jacob_CAFC said:Not sure if this is the right thread but wondered if someone could help me. Me and my girlfriend had an offer accepted on a house yesterday and we are a few ££ short of a 15% deposit. My gf's nan has said she will lend us the £2000 that we need but as she is an old lady, she wants to give it to us in cash. Is this gonna cause an issue when they come to checking our deposit?0 -
I'm still watching & waiting......but at this rate I'll have to go something sub 7000 or something close to it's all time high!!Rob7Lee said:0 -
Can I have 7574 please @Rob7Lee0
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Aaah, got you.golfaddick said:
I think the OP meant the deposit needed to buy the house, not the one needed at exchange. ie, they can get an 85% mortgage & has 15% to put down.LargeAddick said:
Your Solicitor will also want evidence of where the funds have come from. Also, is this a new build, buying directly from the builder? If not 99% of deposits are just 10% these days.jacob_CAFC said:Not sure if this is the right thread but wondered if someone could help me. Me and my girlfriend had an offer accepted on a house yesterday and we are a few ££ short of a 15% deposit. My gf's nan has said she will lend us the £2000 that we need but as she is an old lady, she wants to give it to us in cash. Is this gonna cause an issue when they come to checking our deposit?1 -
Thanks everyone, I'll post up again in a few days the list, for those yet to give their bid, no rush, we'll stick to the end of the month.
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Im in......... 76120
