I need some advice on mortgage deposits, not sure if anyone here can help, but anyway...
My wife and I have been accepted for a part buy part rent property and I had a chat with their financial advisor on the phone earlier. All was going well and we were just about to book an appointment for our financial interview with them when I told her that our deposit was being gifted from my mother in-law in Japan.
We had been told a 5% deposit would suffice, we even would've had enough to cover 10%, but I was told that no one would offer us a mortgage with less than a 15% deposit. That has completely fucked us. Does anyone have any experience of this situation?
my friend just got a 10% mortgage half of which was funded by family. the lender does not need to be informed where the money is coming from.
my friend just got a 10% mortgage half of which was funded by family. the lender does not need to be informed where the money is coming from.