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Mortgage Query

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    #62
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    caew wrote: »
    All the bank want to know is that the person supplying the money does not have a legal interest or will stake a claim in the house.

    My daad didn't, he said it, end of.

    f you actually belived that why did you fail to declare it as a loan and instead call it a gift on your application ??


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    #63
    roro2
    Registered Users Posts: 412 ✭✭roro2


    caew wrote: »
    All the bank want to know is that the person supplying the money does not have a legal interest or will stake a claim in the house.

    My daad didn't, he said it, end of.

    The bank also want to know that you have not borrowed the money and will not have to pay it back. If you do have to pay it back, this will affect your mortgage repayment capacity.

    This is separate to the lender of the money not having an interest in the house.


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    #64
    caew
    Closed Accounts Posts: 71 ✭✭caew


    I did not go 'out of my way' to keep anything from the bank. If you want to get into the legalities of it the 'loan' was not a legal loan. There was no loan agreement in place, we had not signed anything to suggest it was a loan. Under legal terms it was a gift. This was the advice from my solicitor. If you are so interested in citing the law then you should know what defines a loan.

    Therefore the money was declared as a gift as that was it legal definition and it was declared as such. If the bank wanted to know if I intended to pay my father back I would have been more than happy to tell them, they didn't want to know.

    Again you are suggested that my father did not declare what he should have to the revenue.

    The money passed between myself and himself was also gift status as again not a legal loan, again advice from solicitor. it had to be declared as he if he receives more money from me or my siblings he could go over the threshold. I did not pay my dad in weekly or monthly installments but I paid him yearly in large amounts.

    So you really don't have a clue do you.


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    #65
    caew
    Closed Accounts Posts: 71 ✭✭caew


    roro2 wrote: »
    The bank also want to know that you have not borrowed the money and will not have to pay it back. If you do have to pay it back, this will affect your mortgage repayment capacity.

    This is separate to the lender of the money not having an interest in the house.

    If you have a loan agreement where you are obligied to pay x amount a month.


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    #66
    The_Morrigan
    Registered Users Posts: 9,368 ✭✭✭The_Morrigan


    downwithit wrote: »
    Hi,

    Would anyone here be able to advise (broker, banker) me on a house purchase. I have been offered a property from a family member, but currently do not have the min 10% deposit required. She is willing to leave this as a long term loan whilst telling the bank I am giving it to her directly. So for example house value €300,000. I request loan of €270,000 and deposit is paid directly to the owner.

    Would a bank approve that, is there any need for them to see the deposit transaction happen? as their equity is covered with the €300,000 which is even lower than market value as any independent valuation by the bank will show.

    My savings will cover legals stamp duty etc etc

    Any professional advise appreciated

    OP, professional advice can't be sought or given here. Please engage the services of an independent solicitor in relation to this matter.


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