Mortgages and gifted deposit

chromac

So broker is away, thought I would come to the boards for some wisdom -

Mortgage Lender wants Overdraft paid off in full £2,000 - in order to do this our family is willing to help - on top of part of the deposit (£10k) which will be coming from my father - my mother has said she would pay off my overdraft (I'm a very lucky boy) so my question is - would the money from my mother be deemed as a gifted deposit? Even though its not going to the deposit directly...... but would kind of be indirectly?

Any insights?

AnotherJoe

I would doubt it but why does it matter?

chromac

Because my mother would be giving us the money advanced against her business, which is no big issue for her, but I was concerned of the implications of doing so......

AnotherJoe

chromac wrote: »

Because my mother would be giving us the money advanced against her business, which is no big issue for her, but I was concerned of the implications of doing so......

... what would those implications be ?

chromac

I feel stupid now. You're right, I think I'm just over thinking things - I'm not in a great position with getting a mortgage (good conduct for the last year, but a few late payments inside of 2 years, and a default of £99 which was settled immediately just over two years ago) so I'll be stood aghast if i actually get accepted - and I'm concerned that anything outside of a straightforward application is going to push them over the edge.

AnotherJoe

Good luck.