Another gifted deposit Q

missmoose

We put in an offer on a property just over what we had the deposit for (at the time) so my parents gave us £400 as a Christmas present to make up our deposit. But since then we have got the full deposit on our own so used my mums £400 + some of our own money to pay the survey fee would we still have to claim the £400 as a deposit gift? She is aware that we used it for the survey and is okay with that.
It's a small amount but don't want it to trip us up.
Cheers

Thrugelmir

£400 is not going to cause you any issues.

ashp_2

As above, I wouldn't worry!

AnotherJoe

Do not state that part of your deposit is this gift, it will cause a boatload of aggravation for no purpose especially as you haven't used it for that.

You must be running very close to your financial limits if £400 makes a difference, will you have spare money once you've bought ?

Carrot007

AnotherJoe wrote: »

Do not state that part of your deposit is this gift, it will cause a boatload of aggravation for no purpose especially as you haven't used it for that.

You must be running very close to your financial limits if £400 makes a difference, will you have spare money once you've bought ?

Indeed it's not part anymore forget about it. I'm sure my solicitors charegd around £100+ extra for dealing with a gifted deposit. So reallyt forget about it since it's no longer relevant.

missmoose

AnotherJoe wrote: »

You must be running very close to your financial limits if £400 makes a difference, will you have spare money once you've bought ?

Yeah we will do, it was that at the time the estate agents wanted proof of deposit before they would take it off the market, we knew we would have the deposit for full on our own within the next week but we didn't want to risk it because they were arranging an open day for the house. It was a tad more expensive than what we were looking at initially but still with affordable mortgage payments but we loved it so went for it which is why we didn't have enough deposit initially.
Quite funny how you're questioning our financial limits for the sake of £400 but if we had a gift of £10,000 or £40,000 would you be questioning our financial limits/security?

AnotherJoe

missmoose wrote: »

Quite funny how you're questioning our financial limits for the sake of £400 but if we had a gift of £10,000 or £40,000 would you be questioning our financial limits/security?

No, simply because large gifts dont give any clue how much you needed the money*, whereas £400 says "down to the last few pence in bank account and savings" because you obviously are pretty much extended to the limit if you need to borrow a small amount.


* maybe for example you could have afforded a house at £150k but kind parents gifted £50k to enable you to buy one at £200k. You might well still have a couple £k knocking around in your bank.

missmoose

AnotherJoe wrote: »

No, simply because large gifts dont give any clue how much you needed the money*, whereas £400 says "down to the last few pence in bank account and savings" because you obviously are pretty much extended to the limit if you need to borrow a small amount.


* maybe for example you could have afforded a house at £150k but kind parents gifted £50k to enable you to buy one at £200k. You might well still have a couple £k knocking around in your bank.

but if we could afford a 150k house with a 10k in the bank spare and my parents kindly gifted us 50k for a 200k house I personally would feel guilty that they gave us 10k when we didn't actually need it.
We will have a few k in the bank when it comes to moving in, it's not as if we aren't getting paid again until we get in the house.
Where's the difference between parents gifting a 40k for a "better" house and parents gifting 40k for repairs? either way the money is gifted no one is "better" that the other because of why or when the money was gifted to them. Just my way of seeing things.

AnotherJoe

missmoose wrote: »

but if we could afford a 150k house with a 10k in the bank spare and my parents kindly gifted us 50k for a 200k house I personally would feel guilty that they gave us 10k when we didn't actually need it.
We will have a few k in the bank when it comes to moving in, it's not as if we aren't getting paid again until we get in the house.
Where's the difference between parents gifting a 40k for a "better" house and parents gifting 40k for repairs? either way the money is gifted no one is "better" that the other because of why or when the money was gifted to them. Just my way of seeing things.

What?!? mystified here. what's all that got to do with me wondering if you were cutting affordabilty tight if £400 was needed???? The £50k was just an example of why a big loan or gift didn't necessarily mean you were cutting it fine whereas £400 did.

Anyway good luck with your mortgage and house.