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gifted deposit halifax

rosiehashmi
rosiehashmi Posts: 6 Forumite
in Mortgages & endowments
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.

Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Do you have any savings of your own?
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • rosiehashmi
    rosiehashmi Posts: 6 Forumite
    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
    Goldiegirl Posts: 8,818 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Rampant Recycler
    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.
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • rosiehashmi
    rosiehashmi Posts: 6 Forumite
    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
    Mrs_Egg Posts: 253 Forumite
    100 Posts
    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.
    Comping twitter @mrsegg1
  • fiesta04
    fiesta04 Posts: 516 Forumite
    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
    Building_Surveyor Posts: 668 Forumite
    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.
    An opinion is just that..... An opinion
  • hoponhiggo
    hoponhiggo Posts: 34 Forumite
    my solicitor didnt even ask....
This discussion has been closed.
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