FTB: Inheritance or Gift money?

cerees

Hi,

I aim to purchase a house next year. I am wondering if inheritance money (relative died and left me money) would have to be declared as a 'gift' deposit when applying for mortgage( i'm using the money for all my deposit) or will they disregard this money??).

Would i need to evidence where this money came from?Statements, will etc? Even if i purchase a house in 12 months time?

Thanks!

ACG

Declare it as inheritance. Thats what it is so why try to mask the fact?
You may have to evidence it in 12 months yes. Some lenders ask to see a build up if it is declared as savings.

davidmcn

Inheritance is your money, no need to declare it as a gift as the "donor" is unlikely to kick up a fuss if the lender tries to repossess

You may need to evidence where it came from (but should be easy enough - letter from the executors enclosing the cheque etc). Probably won't be needed after 12 months though.

cerees

Thanks for clarifying! and so promptly!