First time buyer - Current account balance

KarlD

I'm currently trying to get on property ladder, and i have arranged to meet with mortgage advisers etc but id rather go into it knowing rough guidleline about getting a mortgage. Im on a salary of around 18k per year. I would have a 15k deposit on a house worth 120000. The mortgage i am looking at is co-ownership with ulsterbank.
The deposit is not in my bank account but can be arranged once i know i can get a mortgage. (Can be inherited from my father)
In my current account i have about £2500 built up. This is nothing really but will the the bank take this into consideration also? I thought 15k deposit would be enough to persuade them, but im not quite sure if they will consider what is currently in my account. I am able to show my wages going in at the end of the month etc. Could even have around £3550 after bills by the end of the month.Any replies regarding this is greatly appreciated.

VIGILANT22

...The deposit has not come from yr own funds...!

happybroker

what do you mean by "can be inherited from my father"? are you expecting an inheritance which is currently going through probate? are you expecting a gift?

KarlD

happybroker wrote: »

what do you mean by "can be inherited from my father"? are you expecting an inheritance which is currently going through probate? are you expecting a gift?

Sorry for confusion, it was be set as a gift from my father.

happybroker

I wouldn't worry about it then. Your father will probably have to sign to say he holds no interest in the property and that it's not a loan.

The very fact you maintain 4 figure credit balances in yoru account will, no doubt, be something of a change for the adviser....good luck.

KarlD

happybroker wrote: »

I wouldn't worry about it then. Your father will probably have to sign to say he holds no interest in the property and that it's not a loan.

The very fact you maintain 4 figure credit balances in yoru account will, no doubt, be something of a change for the adviser....good luck.

Thanks for that, sorry if the initial question sounded silly. Would it be in my best interest to lodge this into my account, or can i leave this into the bank when if they think im elidgible for the mortgage?

happybroker

it shouldn't amke any difference just at the moment.

KarlD

happybroker wrote: »

it shouldn't amke any difference just at the moment.

Will there be a gift tax on this deposit? or do you know of anything related that might be involved?

herbiesjp

If he has not gifted any money last tax year or this tax year, he can gift £6k to you in total with no liability - for the balance there is a reducing scale of liability which ends with no liability to pay after 7 years