Anyone secured a mortgage with 'non-genuine savings'?

[nicolac34]

We are in a position where my parents have lent us the deposit for a house, so it's classed as 'non-genuine savings' as it's a lump sum we haven't saved ourselves over a period of time.

 

We are renting - but directly from the landlord which apparently counts us out of being able to get a mortgage with non genuine savings (must have been renting for 12 months with a real estate agent).

 

Just wondered if anyone who's come over with a lump sum from the UK and managed to buy without renting for 12 months beforehand?

[Peach]

We were asked to show proof of having the deposit, no one asked for evidence of where it came from.

[nic1964]

Hi, been here since August and got our mortange in 5 days, so yes certainly. We had a lump sum from the same of our house in the UK (only $30K, so not alot). We also saved here every month since we started, to demonstrate we could save. We are renting here, but that didnt affect anything.

 

We went to a independent advisor, and once we showed him what money we had, and our job etc, then we had no problems. They didnt ask where the UK money came from, and even though it was still in the UK, they were happy to give us a mortgage.

 

The mortgage company are more concerned with you being able to pay the mortgage, not so much about the deposit.

 

 

Go see an advisor.

 

Hope that helps

 

Nick

[nicolac34]

It's an advisor that's told us that unless we've rented for 12 months to an agency prior to the application we can't use non-genuine savings!

 

Maybe I need another advisor - any recommendations?!

[Que Sera Sera]

Yes we did our financial adviser game us a list of 3 who would accept it .Westminster National are the financial advisers .