Maney Laundering

Girt

kingstreet wrote: »

This is fairly straightforward with most banks and building societies. They simply ask for written conformation it's a gift and that no repayments will be required.

Will a standard letter stating that "yes I gave them the money" be enough or do they want statements as well?

GMS

You proving the source of the funds is no issue because you can do this. You not being named on the mortgage but residing in the property is the potential problem.

Solicitor will check the source of funds and disclose to the lender.

If the lender has been told the scenario and agrees to it then no problem. Ask the lender and see what they say.

kingstreet

Girt wrote: »

Will a standard letter stating that "yes I gave them the money" be enough or do they want statements as well?

A statement may be required to verify the source of the funds, while the letter confirming it as a non-repayable gift may be required for lending underwriting reasons.

As GMS and beecher suggested - get your credit files and get yourself a decent whole of market or independent broker. If you go to one bank or building society all you're going to get is their very one-eyed way of looking at the world. They tend to think if they do it that way, so does/should everyone else and that is not the case. You'll also walk out of there with the product they think will get them the business, not what would be most suitable for you. They don't give advice. They give information only and you choose. Then it's your problem if you get it wrong!

Girt

Ok, thanks for all the helpful comments, I'll report back here and post what happens with the app.