Parents Funding Mortgage

sniblock

Hi,

my partner and I are currently saving for a mortgage. We are looking at buying a place next year. My parents have kindly offered to give us 10000 pounds towards the mortgage. They currently have the money so I was just wondering if it was better if the money sat in my account for the next year or if it did not matter?

Thanks
Scott

holly_hobby

If they wish to give to you now, it would be better depositing this and maximising your annual cash ISA allowances (assuming you are both taxpayers), until the funds are needed (beware/take account of any notice periods).

The mortgage application will ask for the source of the gift, to be squeeky clean (even if provided to you now) you should disclose its an unconditional gift from parents (whom will be reqd to confirm this and sign a disclamier).

Hope this helps

Holly