Many people come to us with a mortgage that does not fit most lenders criteria, here are some things we can offer:
1) Up to 4 applicants on a mortgage – we will accept 100% of up to four applicants’ acceptable incomes in the affordability calculation for a residential mortgage. It’s not restricted to family members – individuals applying do not have to be related and there are no residential restrictions – even if applicants are family members, they do not all have to reside in the property.
2) Family gifted cash deposits – we accept deposits from parents and/or guardians, treating them as if they are the applicant’s own deposit, even where the money is advanced against a formal loan agreement or a second charge is put in place to secure the parents’ or guardians’ rights. We also consider applications where the family member making the gifted deposit resides in the buyer’s property.
3) Gift of equity – we accept transactions under value where the applicant is receiving a gift of equity from parents or a guardian with a deed of gift to represent the amounts. To reflect this in the LTV, the purchase price would need to be the property value. An applicant may need to have an indemnity set up via their own solicitor, even when the money is advanced against a formal loan agreement or a second charge is put in place to secure the parents’, guardian’s or third party’s rights.
4) Gifted deposits from third parties – Gifts from third parties (not sellers/vendors) are an acceptable source of customer deposit, but only where there is no repayment required.
Does your criteria not match most lenders? Speak to us if you are struggling to find a suitable lender.