sorry deposit query

mummyemma

Hi

Just after some clarification mum and dad gave us some money which we have in our bank account that we will be using towards a deposit on the house, the rest we have saved ourselves.

Our mortgage broker said as it was in our account we didnt need to say it was a gift. we have now had our mortgage offer and I am guessing the solicitor will ask to see proof of our deposit (the mortgage company didnt). I can prove it I have bank statements showing our deposit. Just wondering if I should have said some of it was a gift. Mum and dad are happy to write a letter if needed

can some one just clarify as dont want to get held up

getmore4less

If the statement does not show it coming from anywhere just call it savings.

ACG

You should do really - the lender will have asked where the deposit came from, but if its been in your account for 3 months its unlikely to get checked any further than that unless they suspect something.

betmunch

the question really is at what point does it turn from a gift, to just savings. Personally if the money is yours by the time you make the application I would just say its your savings, if the money is given to you after application to be used specifically for a house deposit I would say gift. Either way, in the form you have explained it then its not going to cause a problem