Gifted deposit and forms

Manchee

I have a quick question that I'm hoping someone might know the answer to. We have a MIP with Nationwide and we will be making the full application on Monday. We originally assumed we would be buying in the range of £110-120k so saved up a deposit of £4000 with my mother giving us £6000 and my Grandmother £2000, however we have offered and been accepted on a property for £90k. Although this means we could provide a larger than 10% deposit now, we could do with using some of the left over deposit for other stuff.

If we still only provided a 10% deposit, would the mortgage provider still need a gifted deposit form off my grandmother? I.e. if we had a total of 12k in the account would they say the deposit has come from my Mother and Grandmother and I rather than just my Mother and I? I'm just wondering as she lives 4 hours away, is 90 years old and I don't really want to bother her with forms if I don't have to (her eyesight isn't all that good now for reading small fonts like on the form)

Afternoonteepee

I would assume that a letter from your mum alone would show them that you have sufficient funds, and therefore there would be no need to explain other amounts in your account. However, I don't have enough experience to give you a confident answer.

Senior_Paper_Monitor

From a proof/source of deposit point of view just the letter from you mum will be required.


BUT you may well be asked to explain the source of a recent £2,000 credit to your account by broker/lender/solicitor so get the letter/ID/source of funds documents for that one as well in order to avoid rushing around later.

amnblog

Nationwide has a pre prescribed form to complete for gifts.


This only needs to be completed by person(s) who are topping your deposit up from your available funds to the required amount.

PixelPound

The problem might be your solicitor conforming to anti money laundering laws as they will look at your bank statements