gifted deposit halifax

rosiehashmi

hello all, this might seem a silly question but i am a first time buyer and i have my official mortgage offer in place-(the valuation also has been done) my parents want to gift me a deposit of £17000. My question is that would the bank/solicitor want to see the bank statements or would a letter from my parents be enough? please help!

What if my parent wanted to take out a loan and gift the money to me? my dad would pay it back not me.

HappyMJ

Do you have any savings of your own?

rosiehashmi

yes i do but not £17000.. im am currently renting £700 per month so its a bit difficult to save any more. what would be the process through the solictor?

Goldiegirl

When I was at the Halifax, they'd be happy with a letter from the parents confirming the money was a non returnable gift.

I don't know if this is still what they do, and I don't know what the solicitor's stance would be.

rosiehashmi

i rang Halifax they just said they needed a letter to confirm this, I want to know what the solicitor will do? What did your solicitor do?

Mrs_Egg

My solicitor just sent me a form for my parents to fill in and sign and send back to them confirming that is was a non refundable gift, we didn't have a problem at all.

fiesta04

Mrs_Egg wrote: »

My solicitor just sent me a form for my parents to fill in and sign and send back to them confirming that is was a non refundable gift, we didn't have a problem at all.

Just done exactly the same for my Daughter.:)

F4

Building_Surveyor

your solicitor will more than likely ask them to sign a form and may do some background checks too.

But if your parents do not have the money in savings i don't think getting a loan to fund your purchase is a very good idea. Borrowing money to borrow more money.

hoponhiggo

my solicitor didnt even ask....