gift deposit from aunty_natwest

sam2015_2

I'm getting 30% of the deposit from my aunty, 70% from my saving and equity release from my current property. It is a gift and she will be writing a letter and fill up the necessary forms, etc to confirm this.

Would the lender's or solicitor ask to prove she is family? The lender would be Natwest. Do they ask for proof of where all(100% of it) the deposit come from or is it enough to show where the majority of the deposit come from?

How do we prove she is my aunty? she is my dad's late step brother's wife. We don't have same surname and they(dad or his step brother) don't have birth certificates - born overseas.

My broker said aunty is family and not seems to be concerned but I'm worried. So many things have gone wrong so far, mainly due to his ill advise.

libf

From: https://www.nicheadvice.co.uk/gifted-deposits-for-mortgages/

Who can provide a ‘Gifted Deposit’ towards a mortgage?

Well the answer to the question is dependent on the individual lender. An experienced Mortgage Broker should have the answers to hand. To summarise there is a distinct pecking order:

Deposit gifts likelihood of acceptance:
from Parents Most lenders
from Grand parents Less etc
from Brothers and Sisters Less etc
from Uncles and Aunts Less etc
from Extended family Less etc
from Friends Hardly any lenders

silvercar

I would definitely get the money in to your account and from there to the solicitor. Transferring straight from aunt to solicitor will raise more questions.

Reading reports on here (and remembering people post when there are problems more than when things go smoothly), the smoother way would be for her to gift to your Dad and then on to you. That way your Dad is gifting to you and he is a direct relative.

The irony is that, in order to satisfy money laundering regulations, life is made easier if we all umm launder the money through safe accounts to make it look kosher, even though it is all kosher to start with.

sam2015_2

silvercar wrote: »

I would definitely get the money in to your account and from there to the solicitor. Transferring straight from aunt to solicitor will raise more questions.

the smoother way would be for her to gift to your Dad and then on to you. That way your Dad is gifting to you and he is a direct relative.
with.

Thanks for your reply.
I can get her to transfer the money into my account and from there to solicitor. All the transaction will be done within the same month or even couple of weeks. Wouldn't the solicitor ask me where the money comes from?

My dad is elderly lives overseas so that is not possible to transfer to him then me.

silvercar

sam2015 wrote: »

Thanks for your reply.
I can get her to transfer the money into my account and from there to solicitor. All the transaction will be done within the same month or even couple of weeks. Wouldn't the solicitor ask me where the money comes from?

My dad is elderly lives overseas so that is not possible to transfer to him then me.

Your solicitor will want to know. I guess it depends what proportion of the deposit the gift is whether it is considered significant to the solicitor. You say 30% of the money, but what percent of the deposit including the equity?

sam2015_2

30% of the whole of the deposit.

Total deposit is 85k
gift 25k
from my current property and my ISA 60k

getmore4less

IS she really an aunt.

There is no common blood line unless you meant 1/2 brother.

sam2015_2

getmore4less wrote: »

IS she really an aunt.

There is no common blood line unless you meant 1/2 brother.

That is kind of my question too. Would the lender consider her as family? I'd like to know their definition for uncle/aunty, etc?

I used to have an joint account with her when I was under 18. Many many years ago. At that time we weren't asked to prove the aunty status.

silvercar

she is my dad's late step brother's wife.

If there was any part of this where I would be inclined to be economical with the truth, it would be to drop the word "step".

That is kind of my question too. Would the lender consider her as family? I'd like to know their definition for uncle/aunty, etc?

If your uncle was still alive, the money would have come from him or a joint aunt/ uncle account, so I don't think it unreasonable to consider her an aunt.

sam2015_2

Thanks for your messages.
To me, she IS an aunt. Just worried about the lender/solicitor.

Anybody else want to add anything to it. Perhaps your experience with gift deposits and what they asked.

getmore4less

silvercar wrote: »

If there was any part of this where I would be inclined to be economical with the truth, it would be to drop the word "step".

If your uncle was still alive, the money would have come from him or a joint aunt/ uncle account, so I don't think it unreasonable to consider her an aunt.

Step brother is not an Uncle(in the strict use of the term uncle).