Are you looking to buy your first home with help from family members? Put your questions to the Santander experts. £200 voucher to be won

[LibbyMumsnet]

This Q&A is now complete - there will be no further answers posted.

With sky high house prices, student loans and rising rent costs, getting on the property ladder is challenging. Santander’s first time buyer research (undertaken in 2021) shows that over a third of first time buyers are hoping to buy their first home with help from family and friends in the next 5 years. If this is you, and you have a question about preparing to buy your first home, you’re in the right place.

The experts:
Graham Sellar, Head of Mortgage Development, Santander - Graham has more than 30 years of experience working in financial services, and has been a mortgage specialist at Santander since 1996. He is regularly quoted as an expert voice in the media on all things mortgage related.

Hayley Burton, Financial Planning, Santander - Hayley has 25 years of experience in retail banking and 6 years’ experience in the wealth area, where she leads teams across the UK who provide expert, trusted investment and protection advice to customers based on their individual needs and to achieve their financial goals. Hayley is also a Mum and Step Mum to three children aged between 11-16, and so she’s regularly thinking of ways to help her children financially in the future.

Linda Murray, Regional Manager, Santander - Linda has worked in banking for 35 years across a broad spectrum of areas including mortgages, risk and most recently face to face banking in Santander branches. At work, she’s particularly passionate about supporting customers to help them make informed choices about their banking. Linda is also a single mum to her 24 year old daughter, Charlotte. She’s looking to support Charlotte financially and emotionally when she buys her first home.

Do you have questions around saving for a deposit? Perhaps you’d like to know more about how your family could help? Or maybe you’re interested in knowing what to expect when buying a home. The experts will be back between 26 July and 6 August to answer some of the questions you have on preparing to buy your first home.

All who post a question (regardless of whether it is answered or not) will be entered into a prize draw where one MNer will win a £200 voucher for the store of their choice (from a list).

Thanks and good luck!

MNHQ

Insight Terms and Conditions apply

We own a rental property locally (outright) which pays for DS's university accommodation. When he finishes university, can we sell the property and give DS all the proceeds to get him on the property ladder wherever he chooses to buy? What are the tax implications? Would this be seen as a gift or money laundering? DH and I are both 49.

Are there any options if it see my dream house and cannot save/borrow all of the deposit (my salary is good as is my partner to borrow 200k)

Will those who help with the deposit also be considered owners?

Do the mortgage lenders mind where the gifted deposit comes from? Friends said that a mortgage company her friend applied to wouldn't "accept" the deposit as it came from one of their parents.

Are there are tax implications, and if so at what point do they kick in and is it possible to backdate the gift so it covers say 3 years of allowed giving?

Why is rental history not taken into account when applying for a mortgage? How come I can pay an extortionate amount of money a month on rent but the bank tells me I can't afford to pay less than that each month on a mortgage?

What happens if two people are getting a mortgage together, one with excellent credit and the other poor (CCJ?)

What would you advise?

We are first time buyers and are planning to buy house next year, our Experian credit score is 999 out of 999 but our credit affordability is still bad. What is more important to lenders: the credit score or the credit affordability? We don't spend much on credit cards, always repay in full and don't go overdraft, what else could we do to improve our credit affordability score?

My mum and dad have a 4 bedroomed semi and I have a 2 rent a bedroomed terraced,, I buy theirs and they have equity from the sale, and have a good retirement nest egg, but want to make sure every thing is done legally, and if one of them goes into care it's not classed as deliberate deprivation of assets - what is your advice - I don't want any charge on the property later down the line (they are 67 and 63 and in good health) - what's your best advice please ? (I can, with my partner afford the repayments based on the zoopa valuation)

I own a commercial property that is rented to a family business on long term rental. There is a sizeable amount of equity in the property and only £40000 still to pay over the next 6 years. The rent covers the loan and a little extra. Is this relevant to a residential mortgage application? Would this equity be seen as a positive or would the outstanding loan outweigh this as a negative?

Given our retirement ages are around 67 now - can we extend the repayment terms to 30 years plus - to enable the initial payments to me less (with a target to overpay once we are in a better financial position)

Better to buy life assurance at same time as mortgage with the provider or independently?

Thanks

We are hoping to down size and release some money from our house to gift to each of our children for a deposit when the time comes.

What are the tax implications and can the money we gift them be ring fenced in case of relationship break downs with partners?

Shouldn't a solid rental history and being able to save for a significant deposit without help despite high rents be adequate to demonstrate one can meet the mortgage repayments? Why is someone who is 'gifted' money for a deposit considered a better bet?

I have no real credit history, no credit card, and I've not bought anything on HP to build one up, my and my OH have an annual salary of 65k and can afford a small terraced house comfortably - would the lack of a credit score affect our application - if so what would you recommend ?

My grandad would lend me the deposit for to get onto the property ladder but said he wants to be also on the mortgage to he can keep tabs of the repayments, he is 62 and still in full time work ? this would mean I can get a property, he can protect his investment and can take his name off when I have paid the deposit back - is this workable ?

Are you ever going to answer this thread ?

Im looks at lunchboxes for September for my 3 year old starting school nursery

Is the smiggle bento any good?

Is there a tax effective way of helping our kids save for a deposit?

Reported

What are the mortgage borrowing terms at the moment?
When we bought we did it over 30 years- is there a minimum & maximum term?
Thanks.

@LibbyMumsnet
Are you on hols 😅. We are waiting for our replies
😂😂😂😂

Hello all
Is a fixed rate or adjustable mortgage rate better and why?
Many thanks.

It says in the OP that the experts will be there to answer between 26 July to some time in August. So from Monday

Some pps score really low on reading comprehension.