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Hi all,
I'm new here, so please bare with me.
I (like many othes) would like to buy a home. I'm in a full time employment (PAYE).
The house costs around £300k,my mortgage company/bank would lend me £115k, I personally have around £100k in savings,so I need an extra ~£85k.
A (distant) family member has a Company and said that he would "give" me the £85k from his Business, to a new business bank account that I would need to open after I get my UTR number which I applied for as a self-employed.
My questions are: Can I use that money? (Transfer it to my main bank account?)
Do I need to pay tax on that money as an income?
Is there a way to declare that money other than an income and use it for this purpose?
Will the mortgage company/banks ask questions about that £85k?
Thanks in advance for any other information I need to know and any answers will be greatly appreciated.
I'm new here, so please bare with me.
I (like many othes) would like to buy a home. I'm in a full time employment (PAYE).
The house costs around £300k,my mortgage company/bank would lend me £115k, I personally have around £100k in savings,so I need an extra ~£85k.
A (distant) family member has a Company and said that he would "give" me the £85k from his Business, to a new business bank account that I would need to open after I get my UTR number which I applied for as a self-employed.
My questions are: Can I use that money? (Transfer it to my main bank account?)
Do I need to pay tax on that money as an income?
Is there a way to declare that money other than an income and use it for this purpose?
Will the mortgage company/banks ask questions about that £85k?
Thanks in advance for any other information I need to know and any answers will be greatly appreciated.
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