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Gifted Deposits
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).
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Comments
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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
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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
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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
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