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Brother giving deposit but not on mortgage

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  • 13-08-2020 7:41pm
    #1
    edenbridge146
    Registered Users Posts: 153 ✭✭


    Hi folks

    Myself & Brother are buying a BTL house
    He will come up with the 30% deposit required

    Is it possible that the mortgage is in my name only, and him providing the deposit
    Or will banks want to see us both applying on mortgage


Comments

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    #2
    Atlantic Dawn
    Registered Users Posts: 82,563 ✭✭✭✭Atlantic Dawn
    M


    Do you qualify for the mortgage amount based on your earnings alone?


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    #3
    L1011
    Registered Users Posts: 68,782 ✭✭✭✭L1011


    He would have to gift you the deposit, write a statement saying that he has done so and disclaim any rights to the house to satisfy normal lending rules. Otherwise he has to be on the mortgage and hence meet lending requirements.

    Depending on how high the deposit is, a gift could result in a CAT liability.


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    #4
    edenbridge146
    Registered Users Posts: 153 ✭✭edenbridge146


    Atlantic Dawn wrote: »
    Do you qualify for the mortgage amount based on your earnings alone?

    Yes i qualify with my earnings - but he will have to finance the deposit part


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    #5
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    thread temporarily closed for review

    edenbridge146 do not start any more threads in the mean time.


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    #6
    L1011
    Registered Users Posts: 68,782 ✭✭✭✭L1011


    I missed who posted this thread. Stop posting these shaggy dog stories when you come back from your ban


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