Advice needed for my daughter please

Yorkie1

I'm not sure banks would agree with a deposit from you which came from a loan?

denmjd

Thanks for your comments, I will get her to check out the criteria, & also, I hadn't thought about that they would ask where the money came from, would it matter that it was in the form of a gift?

Yorkie1

I don't know - hopefully one of the mortgage advisors on here will be able to answer that. She will definitely have to declare the source of the money, it's a question of what she puts, and how it will be proved if the lender asks to see your bank statements as well as hers.

kingstreet

Donor can borrow it.

As long as recipient obtains a gifted deposit letter and pays no interest, no interest in property taken, it should be fine.

Sample gifted deposit letter from Dudley BS site;-

http://www.dudleybuildingsociety.co.uk/intermediary/EVIDENCE%20OF%20DEPOSIT.pdf

Yorkie1

Thanks for clarifying that KS.

denmjd

Thanks so much that's really helped!!:T:T:T Don't you just love this community? Hats off to everyone!!!

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