Borrowing money for house from parents

jennifernil

yes, as you can have 3 accounts per person.

sparxy

jennifernil wrote: »

3% on up to £15k per person on BOS Vantage accounts.So £30k for a couple.

3% on up to £1500 on TSB Classic Plus, a couple can have 3 accounts, so £4500.

3% on Tesco Current accounts, you can have 2 each. So £12k for a couple.

Probably others too, but those are the ones we have.

Club Lloyds pays 2% on up to £5k, a couple can have 3 accounts, so £15k.

There are also Monthly Savers paying 3-5% for new accounts.

We OAPs need our money to earn as much as possible!

I've got my money in the wrong places!

Do these current accounts specify the direct debit / minimum income limits as per usual?

abby_88

Hi,

Just a little note from my experience (although this was in 2012)

When you go for your decision in principle, they ask you where the money for the deposit etc comes from (Money Laundering purposes)
My parents said they would help us top up to 20%.

When I said to the bank that ... much money was coming from my parents they said they could not complete the application.
We were told the money couldn't be borrowed, it had to belong to us (Be gifted)

We tried several different banks and building societys and they all said the same.

jennifernil

sparxy wrote: »

I've got my money in the wrong places!

Do these current accounts specify the direct debit / minimum income limits as per usual?

Yes, BOS accounts need 2 DDs on each (easily achieved if necessary using a Tesco Instant Access Saver and a Tesco Internet Saver) and a minimum of £1000 per month (can be moved between accounts)

TSB needs £500 per month, no DDs. Again can be moved between accounts.

No special requirements at Tesco.

Club Lloyds needs 2 DDs and £1500 per month. T&Cs as per BOS.

Most Monthly Savers require you to hold a current account with the bank in question first.