Part gifted deposit … Confused.

eh0710 · 21 October 2016 at 8:57AM

Looking for some advice….

First time buyer, have an offer accepted on a property and mortgage offer from Halifax/Bank of Scotland. The deposit will be 12000 - have saved around 4000, so the rest will be a gifted deposit from my parents. They have now transferred me the money into my savings account. I didn't realise until reading into it a bit more that I would have to prove the source of the deposit etc to the solicitor and have my parents write a letter confirming it as a gift (which is fine). However, when applying for the mortgage the advisor within the bank asked where the deposit would come from - I said part savings and part gift from parents, told her how much roughly and she said that would be fine - that would go down as savings on application as I had saved some. No more questions asked and no proof of deposit / gift asked for.
My worry is now that when the solicitor asks for the proof of deposit and we declare part gift - this won't match the mortgage offer? Will this be a problem? So confused by it all.

Thanks in advance!

davidmcn · 21 October 2016 at 9:00AM

Lenders often don't refer to the gifted deposit in their offer as something they already know about (causes confusion for solicitors who then have to separately check that it is ok) - I wouldn't worry if the bank have already approved it, just make sure your solicitor is aware.

Oakdene · 21 October 2016 at 9:01AM

My solicitor wanted a letter, not my mortgage advisor. You may find your solicitor will ask for the letter.

minimike2 · 21 October 2016 at 9:14AM

Should be a case of showing your bank statement, letter from your parents and your parents bank statement showing the money being transferred to you. It shouldn't be an issue.

eh0710 · 21 October 2016 at 9:18AM

Thanks! There's no problem with proving it to solicitor, that'll be totally fine - was more just worrying about it affecting my mortgage offer if it looked like I hadn't declared it to them, when I have.