Gifted Deposit & Money Laundering

goldie1983 · 4 March 2013 at 8:38PM

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?

ACG · 4 March 2013 at 8:44PM

Your parents could be drug smugglers trying to launder money.

Its a standard check.

lee111s · 4 March 2013 at 9:48PM

Guess it depends on the lender. My dad was never asked to provide such details.

Rowan_Requiem · 4 March 2013 at 10:22PM

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!