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Debt management plan

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Theo c

2 Posts

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07/01/2021 - 10:05 am

Hi, I have a debt management plan in place, had it for about 4 years, never missed a payment, a friend wants to gift me some money for a deposit, is it possible to obtain a mortgage, I am first time buyer and 49 years old, I have a good secure job of 21 years ,

Hayley@simplyadverse

161 Posts

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07/01/2021 - 10:07 am

Hi Theo,

There are limited option for a non direct family member gifting a deposit, although it is not impossible

The level and reason for the deposit gift will be critical as to what options you may have....

Theo c

2 Posts

(Offline)

07/01/2021 - 10:07 am

Hayley@simplyadverse said
Hi Theo,

There are limited option for a non direct family member gifting a deposit, although it is not impossible

The level and reason for the deposit gift will be critical as to what options you may have....

It would be a smaller deposit 5k approximately, just a best friend who wants to help me move from high cost private renting. I am open to shared ownership if need be and I did qualify for help to buy.

Hayley@simplyadverse

161 Posts

(Offline)

07/01/2021 - 10:07 am

Then at 5% deposit, you are likely to be on the right track with either Help to buy on a new build or indeed a shared ownership property.

The deposit source is likely to be a bigger barrier than the Debt Management Plan, although a combination of the 2 does make this tricky...

Hope this helps

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