• Gifted Deposit?

    By Guest on 13th Jan 2017

    Hi,

    Following my parents selling there property and down sizing around 18 months ago, they gifted me around £17,000. I transferred the money to a high interest saver with no intention at the time of buying a house. In the last 18 months me and partner continued to save and I cleared some debts with the funds and now have £7,500 left. My partner and I have managed to save £11,000 of our £12,000 deposit and now would like to use some of the £7,500 to top up the small shortfall on our deposit. I have spoken to my mortgage provider who confirmed they would not class that top up money as gifted because it has been in an account in my name for the last 18 months and was not intended for a deposit at the time it was gifted to me, also the amount I want to put towards my deposit is less then £10k so all fine with the mortgage company. I have sent my chosen solicitor the most recent statement for all of my savings accounts, how much history are they likely to need and should I disclose that as my own savings?

  • 1 Answers

    By Guest on 17/01/2017

    Each firm takes a its own approach to this. The best thing to do is to be honest. If the lawyer does decide to report the money as a gift then from what you say this should not be a problem for your lender. If you mislead the lawyer e even if just for convenience this could make a perfectly innocent situation look suspicious and cause more problems

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