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Gifted deposit? Gift giver needs to show bank statement or not?
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Posts: 13 Forumite
If my parents gift me some money towards my deposit, will they need to show the mortgage lender their bank statement or do I just need to show the lender my bank statement?
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Comments
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It may be lender, it may be solicitor, it may be neither, it may be both.
It varies in each case.I 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 -
I didn't realise that this would happen, my partner and I are looking to buying our first property he is saving, I have just started working and p/t self employed and paying off sizeable debts as well. My parents are in the middle of selling their house and are giving us 5k towards our deposit will we have to justify this large amount appearing into the deposit account? And before anyone comments (no I cannot use the money to pay the debts off)1% challenge £2015.50 = £20.16
Make £2.50 a day £80.82/77.50
Sealed pot opening Nov 2018: ???
Going back to being to basics. And penny pinching in 2018 This will be my year 😘0 -
frooglefraggle wrote: »I didn't realise that this would happen, my partner and I are looking to buying our first property he is saving, I have just started working and p/t self employed and paying off sizeable debts as well. My parents are in the middle of selling their house and are giving us 5k towards our deposit will we have to justify this large amount appearing into the deposit account? And before anyone comments (no I cannot use the money to pay the debts off)
If you are not buying for a few months, they could make you a gift now and then it would be part of your savings.
Even if you needed to declare it, a gift with no requirement to return from parents would not be an issue for most lenders.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Hi,
I believe they would have to show thier most recent bank statement as proof of deposit. If they cannot get the most recent bank statement straight away the bank can give a balance letter which states the exact amount which is in their account from the day the letter is issued.
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We and grandparents both gifted deposits to our children and neither of us had to show our bank statements. We both had to write letters saying x amount was a non returnable gift an that we had no financial interest in the property. Only the applicant had to produce bank statements. This was with Nationwide and Halifax.0
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