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Gifted House Deposit
Robyn6149
Posts: 3 Newbie
Hi all,
I'm wondering if you can help.
I recently decided to go ahead with a house purchase however, I didn't have the funds until my March BONUS was paid. I really didn't want to miss out on the property so my dad decided to gift me the funds and paid them directly into my account.
I then went ahead with the purchase and so on; I've now discovered that my dad took this money out as a PERSONAL LOAN (as he didn't want to remove from investments) - I'm wondering how this will affect my MORTGAGE application/solicitor money laundering checks.
My dad is not expecting the funds back and will be paying them himself however, I'm worried that it will not look like this to the provider. I don't want to go further with the application process if I'm going to be stuck at this hurdle.
How do you think this will affect my mortgage etc?
Thanks so much in advance.
I'm wondering if you can help.
I recently decided to go ahead with a house purchase however, I didn't have the funds until my March BONUS was paid. I really didn't want to miss out on the property so my dad decided to gift me the funds and paid them directly into my account.
I then went ahead with the purchase and so on; I've now discovered that my dad took this money out as a PERSONAL LOAN (as he didn't want to remove from investments) - I'm wondering how this will affect my MORTGAGE application/solicitor money laundering checks.
My dad is not expecting the funds back and will be paying them himself however, I'm worried that it will not look like this to the provider. I don't want to go further with the application process if I'm going to be stuck at this hurdle.
How do you think this will affect my mortgage etc?
Thanks so much in advance.
0
Comments
-
Answered elsewhere;-
https://forums.moneysavingexpert.com/discussion/comment/67578249#Comment_67578249I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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