We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Parent Help for mortgage
Comments
-
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards