gifted deposit

amnblog

Gentoo365 wrote: »

It is nothing to worry about and is pretty much a 'tick box' exercise by the mortgage company covering their backs.

If the money is from a savings account they will want to see if the money has built up over time or gone in as a lump sum. If it is a lump sum they will want confirmation that the money was not a loan, and that whoever gifted you the money is not planning to live in the house, or take any financial interest in it.

The letter should be something like this:



However you should check if they have a specific template, or want specific wording.

Some lenders are now asking for the applicants name and address to be on the letter as well.

holly_hobby

Yes, in addition to satisfying money laundering checks, you may find that the Sol is also conducting individual bankruptcy searches on your Grandp's, and/or are effecting an indemnity policy re the gifted deposit element.

This is a precautionary measure if your GrandP's later seek to/or are the subject of a bankruptcy order,, which may affect the capital they have provided to you for your deposit - its all standard procedure and nothing to be concerned about, don't worry x

Hope this helps

Holly x