We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!
Gifted Deposits
Options
Black_Eyeliner
Posts: 156 Forumite
Do lenders look negatively on gifted deposits? I ask because the Halifax have been sitting on our mortgage application for two weeks and have asked for several different documents confirming the source of our deposit (£20k from in laws and £5k from my parents). We're applying for a HTB (mortgage guarantee).
0
Comments
-
They are doing their due diligence to avoid the regulator fining them heavily.
It is not personal.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Can I ask another question in relation to gifted deposits. Because my husband and I have no pensions between us, and we have some inherited money, we are buying a house solely in my name (the mortgage advisor said to do this as my earnings are low and I only pay 20% tax) and he is gifting me the deposit. Will this have tax implications for him? His pen is hovering over the gifted deposit form as I write. Thanks for your help.0
-
gifted deposit from someone who will live in the property is likely to be a no-no I believe... What does your marginal tax rate matter - this is a residential purchase right, not a BTL?0
-
Can I ask another question in relation to gifted deposits. Because my husband and I have no pensions between us, and we have some inherited money, we are buying a house solely in my name (the mortgage advisor said to do this as my earnings are low and I only pay 20% tax) and he is gifting me the deposit. Will this have tax implications for him? His pen is hovering over the gifted deposit form as I write. Thanks for your help.
Best to start a new thread, but, is this residential or BTL?I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If he is going to move in with you and is gifting the money, the lenders will not like it. Potentially creates an interest in the property.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards