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Deposit Loan vs Gift
Comments
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The mortgage company and the solicitors will need paperwork from anyone gifting money saying they are giving a gift and will take no financial interest in the property. So that should solve the problem.
Pity it says loan on your bank statement but that might not matter anyway.0 -
They will just want a declaration of the amount as being a gift from your parents.
My brother regularly pays me money and every time it says "Car hire" which was from about 4 years ago when we split a car hire bill. It could say loan from when they lent you cash 2 years ago and just foolishly forgot to change the note. Frankly the lender wont care so long as your parents sign the relevant declaration as it being a gift.0 -
Do not worry about it, honestly. If it's being classed as a gift, then solicitors (and probably the lender) will send out letters for the gifter to sign, stating that they have no interest in the property, and don't want the money back.
The little descriptive text on the statement will be of little or no importance; worst case, they ask why it says 'loan', and you tell them it was an error.0 -
My dad had a similar daft moment and signed a declaration saying he gave us a gift, but helpfully scanned it and titled it 'loan form' before emailing it directly to our solicitors. Like you, I have no idea why he did this! But the solicitor didn't bat an eyelid, as he clearly had signed to say it was a gift and that's the important bit.0
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