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Parent Help for mortgage
Comments
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Hi,
My parents gave me 10k for my deposit (I'm paying this back over 5 years), I didn't need to show any proof of savings, they transferred the money on the day the solicitors requested it, the bank dint even check if i had it for the mortgage.
Im sire youll be fine if they just transfer the money into your account when you apply for the mortgage..0 -
The solicitor will report the source of the deposit to the lender - required for Money Laundering purposes.
If a large amount of money appears in your account they will need to know if it is a loan or a gift. A loan could affect the amount you are able to borrow, a gift will sometimes need confirmation from the 'gifter' that it is not a loan and they will have no claim on the property0
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