We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Gifted Deposit & Money Laundering
goldie1983
Posts: 5 Forumite
Hi All
I have applied to Skipton for a 90% with a gifted deposit, the mortgage would be for £69,750, I have £1000 plus fees, my mum would gift £1750 and my father-in-law would gift £5000. We had no intention of buying at the moment hence the reason for not saving more but we have just been informed that the house we rent is going on the market and we were offered it at a reduced price and thought it would be a missed opportunity if we did not try.
Skipton have given us a DIP and are happy to accept a letter from parents in relation to the gifted deposit. We have now submitted a full application and are waiting to hear back.
Our broker has referred us to a solicitor who has now written to us asking for a number of documents including ID and bank statements for both parent gifting the deposit for money laundering checks. We had the money transferred in to our account so I'm not sure why they are asking for this, is this how it works?
Any advice would be much appreciated?
I have applied to Skipton for a 90% with a gifted deposit, the mortgage would be for £69,750, I have £1000 plus fees, my mum would gift £1750 and my father-in-law would gift £5000. We had no intention of buying at the moment hence the reason for not saving more but we have just been informed that the house we rent is going on the market and we were offered it at a reduced price and thought it would be a missed opportunity if we did not try.
Skipton have given us a DIP and are happy to accept a letter from parents in relation to the gifted deposit. We have now submitted a full application and are waiting to hear back.
Our broker has referred us to a solicitor who has now written to us asking for a number of documents including ID and bank statements for both parent gifting the deposit for money laundering checks. We had the money transferred in to our account so I'm not sure why they are asking for this, is this how it works?
Any advice would be much appreciated?
0
Comments
-
Your parents could be drug smugglers trying to launder money.
Its a standard check.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Guess it depends on the lender. My dad was never asked to provide such details.0
-
You've kind of already answered your own question, the solicitor/lender is fulfilling their money laundering checks. If a couple of thousand drops into your account suddenly, they'll want to know where it came from!0
-
goldie1983 wrote: »We had the money transferred in to our account so I'm not sure why they are asking for this, is this how it works?
Source of funds. Mortgage fraud is on the increase.0 -
The solicitor needs sight of your parents' statements to show the money leaving their account, and yours to show the money arriving.A kind word lasts a minute, a skelped erse is sair for a day.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards