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  • FIRST POST
    • Pantobabe
    • By Pantobabe 5th Dec 17, 9:00 PM
    • 7Posts
    • 2Thanks
    Pantobabe
    Deposit for house.. can it affect my mortgage?
    • #1
    • 5th Dec 17, 9:00 PM
    Deposit for house.. can it affect my mortgage? 5th Dec 17 at 9:00 PM
    Hi there,

    I am in the process of just going to reserve a plot on a new build that has become available. Using the Help
    To Buy the deposit I need to pay is £11,250. Around 6 months ago once I had saved £4000 I transferred this to a family member for her to keep safe for me (so I wasn’t tempted to dip into it) and I now need this transferred back to make my total savings in my bank £11,250, enough for the deposit.

    I never thought that my family member transferring me
    This money back would be a problem, but reading some posts on here, could it affect my ability to get a mortgage if they see the money transferred back into my account- will they question it? If so, how do I get around this?

    I should add I have an agreement in principle already.

    Thanks in advance!
Page 1
    • samsam89
    • By samsam89 6th Dec 17, 10:33 AM
    • 132 Posts
    • 39 Thanks
    samsam89
    • #2
    • 6th Dec 17, 10:33 AM
    • #2
    • 6th Dec 17, 10:33 AM
    I'd imagine providing proof of the original transfer to your relative would be sufficient for the lender to see that it's not a gifted deposit. Failing that, the relative could just sign it off as gifted deposit and that it's not required to be paid back. Either way I'm not sure it's much to worry about.
    • Thrugelmir
    • By Thrugelmir 6th Dec 17, 12:39 PM
    • 56,196 Posts
    • 49,573 Thanks
    Thrugelmir
    • #3
    • 6th Dec 17, 12:39 PM
    • #3
    • 6th Dec 17, 12:39 PM
    I never thought that my family member transferring me
    This money back would be a problem, but reading some posts on here, could it affect my ability to get a mortgage if they see the money transferred back into my account- will they question it? If so, how do I get around this?
    Originally posted by Pantobabe
    Simply provide the evidence of the transfer that you made 6 months ago to prove the fact that it is yours. Straightforward enough.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • axel132132
    • By axel132132 6th Dec 17, 4:01 PM
    • 72 Posts
    • 6 Thanks
    axel132132
    • #4
    • 6th Dec 17, 4:01 PM
    • #4
    • 6th Dec 17, 4:01 PM
    Either way you can get them to sign to say the 4000 they sent you back is a gift and they will not want it returned (if you cant get proof of transfers etc)

    My father passed away and left my mum some money, she gave me £25k from inheritance to put as a deposit for my house.

    She just signed to say it was gifted and it will legally be mine and she cant have it back basically
    • kingstreet
    • By kingstreet 6th Dec 17, 4:52 PM
    • 32,366 Posts
    • 17,376 Thanks
    kingstreet
    • #5
    • 6th Dec 17, 4:52 PM
    • #5
    • 6th Dec 17, 4:52 PM
    I should add I have an agreement in principle already
    Originally posted by Pantobabe
    With whom?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • enthusiasticsaver
    • By enthusiasticsaver 6th Dec 17, 5:38 PM
    • 4,834 Posts
    • 9,129 Thanks
    enthusiasticsaver
    • #6
    • 6th Dec 17, 5:38 PM
    • #6
    • 6th Dec 17, 5:38 PM
    It shouldn't affect your mortgage but for future reference this was not a good move. Supposing your family member had died or refused to pay it back? If you want to stick it somewhere it won't be touched put it in a fixed term deposit account.
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
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