Parents Gift deposit via credit card

TCTopcat_2

Hi,

I have an issue where my deposit is coming from parents. My father is a stock investor and his money is tied in stocks. He has asked if it would be ok to gift the deposit via his credit card...

Is this possible?

Thanks

go_cat

You are not even permitted to have loans as deposits so very much doubt you could put it on a credit card

TCTopcat_2

Even though its all in his name?

InMyDreams

Can't imagine you'd be allowed to do it on your own credit card (as that would be a loan) let alone someone else's.

How can it count as a gift if your dad doesn't have the cash to actually give you? It's tied up elsewhere being used for other things, ie it's not accessible for him to gift to you.

TCTopcat_2

Thanks for ur reply. If he withdraws it hes going to loose money as the share price has went down or something so he said he wanted to wait. I have no idea what to do now....

grnglide

So he does a balance transfer from his credit card to your bank account and you use that as your deposit.

I dont think the solicitor would be impressed with a deposit coming directly from anyones credit card and certainly not if it isnt in your name.

TCTopcat_2

Thanks for your reply, but if he does a balance transfer into my account then a the solicitor sees my bank account he will then ask for my fathers bank statement which will show the credit card transfer which is just sort of the same thing....

I didnt think it would be a big issue as he would settle this at the end of the tax year he said. But we will need deposit in a week or so.

Any ideas? He has no limit on his CC he has told me.

betmunch

I dont see there is any problem with this at all.

The credit is the fathers responsibility to pay, he chooses to take out the credit and gift it to the OP. The OP has no liability to pay it back then that is the end of it as far as the mortgage application is concerned.

However, if the OP intends to repay father then this is a loan, even though it is not from a bank and will need to be declared.

What I dont know is how you would get said credit into cash to be gifted to one son/daughter......

TCTopcat_2

Thanks for all ur replies. Just wanted to update that it is absolutley fine to use someone else credit card to pay the mortgage. I have checked with the solicitor and my mortgage broker and both said no problem at all :-). All they want is the credit card statement which is fine. So thanks to everyone who said no way! proves again that most people on this forum just like to think they know everything :-). And betmuch thanks for ur reply! x

betmunch

TCTopcat wrote: »

And betmuch thanks for ur reply! x

Can I get a "like" button on this please?