Marie_2019
Registered User
- Messages
- 4
Hi,
Was wondering if anyone can help with advice on my situation:
Myself and my boyfriend would like to buy a house. I went through bankruptcy a few years ago so I cannot go on the mortgage. He has got mortgage approval for 133k, the house we want to buy is 300k. My parents are willing to gift/loan the balance of 167k.
I understand that my parents can gift me an amount up to 310k tax free (which is not really useful in this scenario since i can't go on the mortgage) and that they can only gift him 16k tax free. Is there any other options so that we don't have to pay a huge amount of tax?
My mum tried to get a mortgage with my boyfriend but they refused it as it's not a mother & son relationship.
Any advice appreicated.
Thanks
Was wondering if anyone can help with advice on my situation:
Myself and my boyfriend would like to buy a house. I went through bankruptcy a few years ago so I cannot go on the mortgage. He has got mortgage approval for 133k, the house we want to buy is 300k. My parents are willing to gift/loan the balance of 167k.
I understand that my parents can gift me an amount up to 310k tax free (which is not really useful in this scenario since i can't go on the mortgage) and that they can only gift him 16k tax free. Is there any other options so that we don't have to pay a huge amount of tax?
My mum tried to get a mortgage with my boyfriend but they refused it as it's not a mother & son relationship.
Any advice appreicated.
Thanks