Dad's Pension

Mrjames101

Hi, My father is close to retiring and wants to give me 25% towards a deposit for a house. Who are the best people to talk to and how does he go about doing it?

xylophone

Do you mean that your father wishes to gift you his 25% lump sum?
If so, once he has it, he can write you a cheque for the money and there it is in your account.
Once you have it, you can then go searching for your mortgage.
iI is possible that the mortgage company will ask for the source of the funds in which case your father might well be required to sign a declaration that the money is an outright "no strings attached" gift.

Your father might want to consider the IHT implications. http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm

By the way, I take it that at the moment your father is hale and hearty and there is no question that he will require benefits or care in the near term? Otherwise you might need to give thought to the "deprivation of capital" question.