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Deposit query, please help
HTB_newbie
Posts: 95 Forumite
Hi All
I've been an anxious lurker in this forum for the last couple of weeks because I'm currently in the process of trying to buy a house using the Help To Buy scheme.
I have a query regarding the proof of deposit. My OH and I previously owned a property and sold it about a year ago to relocate. We put the proceeds of the sale in a savings account. This has provided enough for the required 5% deposit and a little more. However, this is not enough for the stamp duty and other costs associated with the purchase. For this my MIL has gifted us the extra amount required so that we can purchase the property.
We are about to submit the full mortgage application as we have the ATP. However, where should we state deposit comes from? Is the deposit only the 5% in which case our savings/proceeds from previous sale or does "deposit" in this sense mean all finance we've got in place to the fund the move in which case it would be savings and gifted monies? I want to just make sure everything is put down right so that we don't delay or jeopardise the mortgage process.
Sorry for the long post. Thanks!
I've been an anxious lurker in this forum for the last couple of weeks because I'm currently in the process of trying to buy a house using the Help To Buy scheme.
I have a query regarding the proof of deposit. My OH and I previously owned a property and sold it about a year ago to relocate. We put the proceeds of the sale in a savings account. This has provided enough for the required 5% deposit and a little more. However, this is not enough for the stamp duty and other costs associated with the purchase. For this my MIL has gifted us the extra amount required so that we can purchase the property.
We are about to submit the full mortgage application as we have the ATP. However, where should we state deposit comes from? Is the deposit only the 5% in which case our savings/proceeds from previous sale or does "deposit" in this sense mean all finance we've got in place to the fund the move in which case it would be savings and gifted monies? I want to just make sure everything is put down right so that we don't delay or jeopardise the mortgage process.
Sorry for the long post. Thanks!
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