Getting help from parents towards deposit

dkeenan

Hi there. Myself and my girlfriend are buying a flat together and are getting help from our parents towards the deposit.

The lender mentioned that we need to supply proof of funds/savings that we will use for the deposit (in order to prevent fraud/money laundering).

If we were only using our own savings then I guess a bank statement would be sufficient.

However, since our parents are helping, do we need to get our parents to send a letter explaining they are pledging money as a gift towards our deposit?

Many thanks!!!

Mortgage_Reduction_Novice

You should ask your lender what type of 'proof' is required. The will be able to advice you on the correct documentation and you can decide how that fits with the portion of parental money.

Dave_Ham

So long as you told the lender some of it was gifted, then you parents will just need to sign a letter to confirm they have no interest in the property nor a loan.

I would suspect they will give you a template form as the wording will need to be specific.

Thrugelmir

dkeenan wrote: »

The lender mentioned that we need to supply proof of funds/savings that we will use for the deposit (in order to prevent fraud/money laundering).

The solicitor you appoint will guide you through this.