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Finance info please


Dee

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My brother is buying a house but is not a first time buyer. So he's asked me to 'buy' the house i.e. in my name, but with his money in order to save ?15000 on the stamp tax.

So I've few questions:

1. If I 'buy' a house in Ireland will I still be recognised as a first time buyer in England (i presume i should)

2. I defaulted on credit card payments while i was student and the credit company got one of those debt collecting companies to reclaim the money, which I am now paying back, with only a few months to go before it clears. However, I suspect my name is schit with the credit rating people. Will this affect my ability to 'purchase' the house for my brother?

3. Am I liable for anything if I transfer the house deeds etc over to him as soon as the deal is done or is there a time period involved?

4. How can I improve my credit rating (in England - as i was refused a small loan a while ago - I'm about to register to vote, but what else improves the score, as I'd be looking for a mortgage in a couple of years)

 

cheers

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My brother is buying a house but is not a first time buyer. So he's asked me to 'buy' the house i.e. in my name, but with his money in order to save ?15000 on the stamp tax.

So I've few questions:

1. If I 'buy' a house in Ireland will I still be recognised as a first time buyer in England (i presume i should)

2. I defaulted on credit card payments while i was student and the credit company got one of those debt collecting companies to reclaim the money, which I am now paying back, with only a few months to go before it clears. However, I suspect my name is schit with the credit rating people. Will this affect my ability to 'purchase' the house for my brother?

3. Am I liable for anything if I transfer the house deeds etc over to him as soon as the deal is done or is there a time period involved?

4. How can I improve my credit rating (in England - as i was refused a small loan a while ago - I'm about to register to vote, but what else improves the score, as I'd be looking for a mortgage in a couple of years)

 

cheers

 

1) If you don't declare the house in Ireland it's extremely unlikely a UK lender would find out.

2) Searches linked to credit and mortgages are carried out on linked addresses not people's names. Your best bet is obtain a credit file from Experian and see whether or not the defaults have followed you to your current address. Lenders will need 3 years address history so hopefully you can eventually leave any 'grief' from your starving student days behind you. If the defaults are showing at your current address you have to start again. If I were you I would move house but when you do ....

DON'T tell the debt collecting agency you've moved (carry on paying them though).

Try to get by without applying for credit cards or loans for the three years.

There are other dodges Dee but I'll tell you to your face when I'm next up.

 

You're a feckin dodgepot by the way. ;)

Edited by Murphman
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My brother is buying a house but is not a first time buyer. So he's asked me to 'buy' the house i.e. in my name, but with his money in order to save ?15000 on the stamp tax.

So I've few questions:

1. If I 'buy' a house in Ireland will I still be recognised as a first time buyer in England (i presume i should)

2. I defaulted on credit card payments while i was student and the credit company got one of those debt collecting companies to reclaim the money, which I am now paying back, with only a few months to go before it clears. However, I suspect my name is schit with the credit rating people. Will this affect my ability to 'purchase' the house for my brother?

3. Am I liable for anything if I transfer the house deeds etc over to him as soon as the deal is done or is there a time period involved?

4. How can I improve my credit rating (in England - as i was refused a small loan a while ago - I'm about to register to vote, but what else improves the score, as I'd be looking for a mortgage in a couple of years)

 

cheers

 

1. Shouldn't be a problem - you'll be recognised as a first time buyer

2. Yep.

3. You are liable for transfer costs. Doesn't stop him from paying them.

4. Time heals all wounds. Only time will wipe off a bad record - 6 years is usually about the time frame for things to drop off completely - unless it is seriously bad news.

Edited by DanielS
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what ever Murph's says he's lying !!!

 

 

Feck off Taff. :lol:

 

 

With CCJ's the 6 year rule applies only when the CCJ has been settled and applies from the date it was cleared not the date of the order. A common misapprehension.

Edited by Murphman
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cheers Murph et al. (except Andy ;))

how does one 'declare' a house?

also, if I was to apply for a mortgage would this credit tarnish be a problem? if i can prove I'm finally earning a decent salary etc - no loans in england, and it was just starving student days. NatWest are sticklers about going by the book.

I'll look into getting the info on my file...I don't have any CCJs or anything and it wasn't even a massive sum :rant:

 

Daniel: WRT Q2...what are the implications etc if the two of us would apply to buy the house..? He basically wants to dodge the stamp duty tax..

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