Children saving for initial deposit

Madcap2763

Hi All

Thank you in advance for looking at my question. It seems to be simple but I am unable to find the right answer, so seeking help from any of the experts here.
I have two children and both have simple savings account in two different banks (no ISA's). Both accounts have nearly £8k in them respectively. The money has been going in both accounts every month from my and my Mrs accounts.
My question is ''can I use that £8k towards the initial deposit towards our first house ''.
I have the rest in my and my Mrs account. I am planning to apply directly to my bank for mortgage in Jan 16.
Thanks for looking and awaiting an answer, please.

Regards

Avais2763@gmail

chanz4

ask your children

Madcap2763

Chanz4 thanks for ur reply but my children are 16minths and 4 years old...not old enough for their consent I suppose.

libf

Check the rules on the savings accounts?

restless6

Madcap2763 wrote: »

Chanz4 thanks for ur reply but my children are 16minths and 4 years old...not old enough for their consent I suppose.

In thats case - are the accounts held under your name? If so, you can withdraw the money.

Anagran

We did this. My kids are very young, and we withdrew there money to help with the deposit. I believe that it is allowed for you to withdraw money in their name as long as the money is being used to benefit them, and I am pretty sure a roof over their head would count as that. It was not as large a sum of money as you have, but I was not questioned at all when withdrawing the cash or banking it in my account. Our solicitor asked for proof of deposit and I gave him the kids passbooks as well as our own savings statements. In our case the money in our children's name was not from us it was birthday, christmas and Christeneing gifts from other friends and family.

Johnnytwostep

If they are in regular savings account and not in say junior ISAs or child trust funds you can steal money from your own children to pay for a house you cannot really afford.

Anagran

Johnnytwostep wrote: »

If they are in regular savings account and not in say junior ISAs or child trust funds you can steal money from your own children to pay for a house you cannot really afford.

Thanks for that. Your un-informed, judgemental and frankly rude opinions really add to the thread.

chappers

Johnnytwostep wrote: »

If they are in regular savings account and not in say junior ISAs or child trust funds you can steal money from your own children to pay for a house you cannot really afford.

Well quite clearly they can afford it as they have managed to save the money for their children over the past 4 years. I would prioritise a secure house over my family's head over a load of cash in a bank account for children who at that age don't even know what money is.

csgohan4

Anagran wrote: »

Thanks for that. Your un-informed, judgemental and frankly rude opinions really add to the thread.

If you are going to 'take' the money from their account, why put it there anyways?

If you don't have the intention in giving them the money unconditionally then don't do it.

Your children will always learn from their parents and they will learn they can make promises they can't keep and never suceed in life by being honest and act with integrity.

Are you going to pay them back with interest or going to make an excuse you provide a roof and bread on the table.

marsman802

csgohan4 wrote: »

If you are going to 'take' the money from their account, why put it there anyways?

If you don't have the intention in giving them the money unconditionally then don't do it.

Your children will always learn from their parents and they will learn they can make promises they can't keep and never suceed in life by being honest and act with integrity.

Are you going to pay them back with interest or going to make an excuse you provide a roof and bread on the table.

One benefit I can certainly think of...tax savings