My very generous in-laws gifted my wife and I a bit of money, with the stipulation that the money be provided to us as a direct lump-sum payment against our mortgage.
I'm curious why they might decide to stipulate the gift this way? I originally thought it might be to document the gift and protect family money in the event that we get divorced (which I wouldn't fault them for one bit as it's their money), but I don't think that's how things work in Ontario. I suspect they may just have wanted to ensure we were being prudent with the money.
Am I missing another reason why someone might structure a gift his way?
For what it's worth I love both my wife and my in-laws dearly and it's really not so much money we're talking about. I'm just genuinely curious and too embarrassed to ask them directly why they structured it this way.
My partner and I have made an offer on a house today and it was accepted.
The price was £157K and we have £120K in cash available for deposit (with a bit left over for other costs, solicitor, appliance, safety net, etc.) and therefore need to borrow about say £40K.
My partners mother lives in Eastern Europe and has offered to gift £20K and loan another £20K so that we don't need to use a mortgage.
My questions are:
- Is it legal?
- Do we have to pay tax on gifted money? Or loan money for that matter?
- Can we just transfer it to my partners EU account, then transferwise or paypal to our UK account?
- Anything else we need to consider?
Any advice appreciated,
Thanks
What happened to chill clans? LIke the last 3 or 4 I've looked at today have been "fill out this application" or "when you complete this questionnaire" and even one had some shit about a "behavioural analysis test" and pretty much all of them may as well have said that if they were "admin" then they were essentially god and disagreeing with them or even breathing incorrectly was an immediate ban from the clan.
All I want is an active clan full of chilled people who like to grind... Why must I obtain seventeen references from my previous employers and sign up for several different communication platforms too? Like shit, is discord and seeing if someone is online not enough anymore?
My mortgage is up for renewal in the new year. In the past, I have always gone with the what the bank offered, mostly because up until now, what they were offering was better than what I had. But the rates being offered right now are higher than what I have, so it is making me look at options.
I have never shopped my mortgate. I know that basically, a broker will look at my credit history, credit score, income, debt, etc, and then kind of ask a few places around what they would offer me as a rate, and present me the best rate. Up until here, do I have to pay anything? How does the mortgage broker make money?
Does going to a broker for a quote obligate me to go with the broker, or can I take their quote and use it to try to get the bank to offer a better rate?
If I go with a broker, and it ends up being a difference financial institution than I have now, how do I pay my mortgage?
With my bank right now, I have insurance, so that if either my wife or I die, the mortage gets paid off. Is the samething available with a mortgage broker?
We have secured line of credit, it is almost empty. but still has a few $$ on it. Would we lose that if we go to a broker?
Thank you in advance to all who respond and help me understand.
I know people are going to argue about how that estimate would be variable based on a lot of factors, but that's not the point. Zillow and other sites use some kind of rough estimate calculators, so there could be some standard put in place for that along the way. The point is to keep rent on par with the value of the property and prevent landlords from being able to skyrocket rent prices indefinitely despite their costs not changing over time.
I don't know much about Reverse Mortgages but I've heard horror stories.
I just don't think that "downsizing" is a great financial plan.
Anyone have experience with this?
43 yo with no significant savings but living in house worth 950k with balance of 150k left on mortgage. Just sold a rental property and banked 250k, should I pay off mortgage and put some into savings or spend the 250k to build a granny unit that would generate enough income monthly to pay the monthly mortgage? Mortgage has 16 years left
I would like someone to explain to me how the everyday taxpayer is responsible for the big fives underwriting standards due to nationalized mortgage insurance and yet we have very very weak oversight over Canadian commercial banks in terms of public accountability.
Say the housing market ever did dive and the BoC had to bail out the mortgage money market by buying back term repos and other loans from lenders.
The banks keep all the profits, we get nothing, and some people lose everything.
It’s obvious that the house will more than likely be taken away since she hasn’t paid the mortgage for a while, however I’m wondering if she will be charged for presenting a false document even if she believes it to be true…
Not guilty on reason of insanity? (A little extreme but I’m unsure on what they classify for this or what the equivalent is for U.K. law and how they go about these kinds of cases)
She has no record of mental illness even though she probably is, and is just following this QAnon cult behaviour and based her entire life on this common law “loophole” that seems to have no success stories. She won’t take no for an answer or do anything else than present this letter and fight her corner in court if they take her.
She’s convinced they will also not take her to court since she is either ignoring mail or having it delivered to another address of hers (she’s a landlord and this is concerning one of the houses that’s being repossessed first.) She tells me they have to present her personally with a court order but is convinced they cannot find her. After trying to reason with her she says in the “unlikely” event they find her and present her with a court order she will just pay it off? Even though she’s being given a deadline to pay the money in the letters I’ve read that have been sent to my dad who has paid his side of the mortgage everytime on time (they own the houses 50/50 since they divorced, some of them are just in her name etc but he is tied to a few of them).
My questions are:
Do they actually have to find her and present her a court order? Or can they just start repossessing the house? If they send a court order in the mail and she ignores/doesn’t see it or doesn’t turn up to court can’t they forcefully take the house and there’s nothing she can do?
As she believes the document to be true can they deem her mentally unwell despite no history since she will not be tested and thinks there is nothing wrong? Or will they treat her as someone bringing illegal or fake documents to court like the average person?
Or will the false documents simply be ignored? How would this play out?
I’m unable to send images in this thread but I have posted the image on my account in a different subreddit r/uklaw
I’ll appreciate any response, I just looking to see what would happen here, the process and the probably outcome
Edit: This is in England.
My inlaws moved to the uk a couple of years ago and are currently renting a one bed flat for £850 a month (no bills included). They are on a relatively low income and have no savings so can't afford to buy anything.
I have some cash to spare for a deposit and was thinking if it will bea good idea to buy a flat as a second home (not a buy to let but a regular residential mortgage) that they can move into and pay "rent" to cover the mortgage. I can get a lovely new built 2 bed flat with en-suite for 200k that will end up costing me around £785, which is less than what they pay for rent for the one bed and will have more space. All want to do is make it more comfortable for them so they have more space and save them a few quid along the way (added bonus is that they will be paying off my mortgage instead of someone else's and I can always give them some money back if I decide to sell the flat one day)
I am not sure though how should this be handled from an account perspective? Do I declare the income as rent and offset the mortgage as expense on my tax return? How mutch tax will I pay if there is 0 profit? Might be a better idea to do it via my wife's tax return as she is on significantly less pay so lower tax band... Am I even allowed to charge them below market value on rent? It is all abit unclear to me how it will work.
On another note I wonder if this is a good idea whatsoever or it will end up being more of a ballache? Usually similar flats rent for £1200-£1350 so even if they decide to go back to their home country I can still make a small profit out of it by renting it...
Any thoughts advise and suggestions are appreciated.
