Gifted Funds

andilong1

Hello,

just wondering if anyone can offer some advice ?

My wife and I are in the process of applying for our first mortgage (survey done just waiting for mortgage offer)

Anyway my wife's aunty has said she will help us out by giving us some money for legal fee's stamp duty etc (she did the same with my wife's sister and is just keeping things fair :j)

So the gift of £2200 is sat ready for us when we need it, so just wondering what is the best way to deal with this, can we just pay £2200 into our bank account and be done with it ? or will the lenders start asking questions about large deposits into our account, this may look like we have been gifted some money for a deposit as it would be going into the same account ?

are we best just keeping back the £2200 in cash and transferring the money we would normally spend on groceries and fuel into the savings account for a couple of months, and using the cash for these purchases ?

i really don't want to hamper our chances of getting a mortgage so any advice on how to deal with this generous gift would be much appreciated.

ACG

Make an application, send the statements in, it will get underwritten and go to the solicitors. When the solicitors ask for money for stamp duty/deposit/their fees etc just transfer it all over to them - either from your bank account or yours and your aunties.

cevans65

Hi there,


Think the previous answer is probably the best i.e. transfer it in after you have the mortgage approved and use for the solicitors costs etc.


If you were to put it in your account now/ before application approval they might not even ask but if they do be honest and say you are not using as part of deposit/ mortgage and using for solicitors etc. If they still ask after that all will want to know is that it is not a loan thus not additional outgoing cost that you have not told them about when doing the mortgage app so to prove this and you will not have to pay it back a simple letter from your Aunt to say it is a gift is enough. (it was with us)