Halifax Mortgage and Proof of Deposit

jordanw_2 · 2 August 2015 at 4:16PM

Dear MSE-Gurus,

Hopefully this isn't a dumb question but as a first time buyer, I'm a little clueless!

I am in the process of applying for a Halifax Mortgage (it's been sent off to a "processor" to be looked at, although I have no idea if this is the usual process).

When I was asked about the deposit, the advisor asked where the funds were coming from and I told her savings. The money has been saved-up on my behalf by a close relative to assist with a house purchase, and transferred into my current account which I've then moved into a savings account to keep the money separate.

After reading some posts online, it would appear that this is in fact a gifted deposit, so in accordance to guidance on the Halifax Intermediary website, the relative has confirmed no interest in the funds and no repayment in writing.

Is this going to cause me problems with Halifax now the application is being processed?

Any previous experiences would be appreciated.

Jordan
~A nervous FTB

blueblazer · 2 August 2015 at 4:58PM

You say you have it in writing now but has this been sent by your broker to the Halifax or is your application based on it being your savings?

jordanw_2 · 2 August 2015 at 5:06PM

Thanks for your response blueblazer.

I am applying direct by telephone with Halifax. The application has been sent from the Mortgage Advisor to a Mortgage Processor. The application is based on it being my savings.

betmunch · 2 August 2015 at 5:27PM

Just tell the mortgage Advisor at the Halifax and they will do the necessary.

Keep the gift letter handy, they will probably want that

blueblazer · 2 August 2015 at 5:27PM

Personally I think I'd call them tomorrow and say you have the gifted deposit letter to add to the file. Can't see it being a problem but just prempts them coming back with a query about it, especially if a large amount of money has just been transferred into your account within the period you provided the statements for.

jordanw_2 · 2 August 2015 at 5:37PM

They haven't requested anything from me other than pay slips. It'll be my solicitor verifying the funds are available and then saying to Halifax that it's gifted that I'm worried about!

I guess I'll just phone and hope for the best! Better to be completely upfront I guess!

As a side note, I have my valuation booked for next week, any idea what stage of the process I am at?