Deposit gift from boss

dynasticpluto

Hello people, so me and my wife are applying for a mortgage at Halifax and my boss has written me a cheque and it has cleared in my bank to help round up the deposit. Then i find out that my boss can't gift me any money towards the deposit ( i know i should have read into it better before sending the cheque in). My question is what should i do now? send him the money back or will that look suspicious to the solicitors? keep it and pay off my car finance (which coincidently is the same amount as the cheque). so that its clear that the money wasn't for the deposit? All of our savings for the depsit so far are in my wife saving account (which she has saved on her own and I've covered all the bills) so will they check my accounts ? any help would be hugely appreciated.

ACG

Where did you say the money would be coming from on your application?

ashp_2

Is it a gift or a loan from your boss? My boss gave me a loan for my full deposit so there is options depending on the lender but Halifax is not one of them! I would imagine your solicitor will want to see proof of the source of your deposit.

dynasticpluto

we said the money was from savings but i told the morgage advisor that i was getting a cheque from my boss and she said thats a no go and to just use my wifes savings account and dont say anything about it, but the more i think about it the more i'm getting worried incase they check my account too.

ashp_2

It's no go with most lenders but not all. If it's a small amount your mortgage advisor is probably correct. It's a possibility they may request bank statements but I guess your mortgage advisor would have thought of this!

ACG

I would not be too concerned. They may ask what the money is for but they may not. They need to see evidence of your deposit and without your boss' money, you have it anyway.

dynasticpluto

sorry i missed out that i sent a portion of this gifted money to my wife's current account before i realised, can i just send it back to my account or will this look suspicious( it hasn't gone into the savings with the rest of the deposit)?

dynasticpluto

Am I overthinking what i should do with the money or should i be concerned? will it be a problem if its just sat in my current account having nothing to do with the mortgage?

ashp_2

How much did your boss gift you? If you are not using any of this money towards your deposit its unlikely to be an issue. If you are it could possibly be an issue depending on the amounts involved.

The solicitor may ask for evidence of how you obtained your deposit and if you have evidence that you have saved it such as statements showing payments in to a savings account that will be fine.

You should raise your concerns with your mortgage advisor again for peace of mind. They know your circumstances and are best placed to advise you.

dynasticpluto

They gifted £6000 which was going to go towards getting us upto 10% deposit and pay for the solicitors (We've only been saving for 3 month before the perfect house came up for sale so the help was there and i bit his hand off when he offered) Thinking about it could i still use some of that money for the solicitors (since its not part of the deposit) so we are using all of our own money purely on the deposit?

Thats good to know, I felt like even having the money there was a hinderance. we can prove every penny of the deposit that we've saved with statements

I've E-mailed our advisor asking if its going to be a problem so I will have to wait and see what she says tomorrow

ashp_2

Stop worrying I'm sure you will be fine