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Gift for stamp duty payment.

MJP43
MJP43 Posts: 61 Forumite
in Mortgages & endowments
Wonder if somebody could help please.

Hoping to buy a house over 250k with 15% deposit.

Stamp duty will be circa 9k. I know lenders do not like gifts for deposits but what about gifted contributions for stamp duty ?

Any advice appreciated

Comments

  • lee111s
    lee111s Posts: 2,987 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker
    Lenders are fine with gifts as deposits so long as they have it confirmed in writing that it is a gift and not a loan to be paid back.

    Can't see there being any problem at all with gifted SDLT.
  • rebeccatom
    rebeccatom Posts: 159 Forumite
    Lenders don't mind gifted deposits. All they will ask is for the person gifting to put in writing that the money is a gift and won't be paid back and sometimes they will ask them to prove wher they got the money from. All of our deposit was gifted and they didn't care.
  • MJP43
    MJP43 Posts: 61 Forumite
    Thanks for replies.

    Will they ask for proof funds are in place for stamp duty ?
  • amnblog
    amnblog Posts: 12,781 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Depends on the Lender - some will work form the gift letter - some have their own gift pro forma to complete - some ask for proof of funds as well - some also ask for ID of the donors.
    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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    MJP43 wrote: »
    Thanks for replies.

    Will they ask for proof funds are in place for stamp duty ?

    Solicitor will require sight of the funds prior to exchange of contracts.
This discussion has been closed.
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