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parents gift money from a personal loan
ftbmortgager
Posts: 9 Forumite
I am a FTB and my parents agreed to contribute towards the purchase by gifting me money [about £ 8 - 10k]. I am planning to use their money towards stamp duty..etc and my savings are enough to cover the complete deposit amount.
However my parents are planning to get a personal loan to fund the gift amount . They are absolutely fine to pay the loan by themselves and happy to give me a letter stating there's no interest or repayment towards the property.
I read when it comes to conveyancing process, solicitors are keen to know whereabouts on funds. (anti money laundering) I understand that they need to get my parents' IDs, Letter, Bank Statements.
Any mortgage advisor, conveyancing solicitor or anyone with experience can you please let me know,
Do my parents need to show bank statements before and after applying loan as well?
How do I secure the mortgage with these conditions please?
Thanks a lot.
However my parents are planning to get a personal loan to fund the gift amount . They are absolutely fine to pay the loan by themselves and happy to give me a letter stating there's no interest or repayment towards the property.
I read when it comes to conveyancing process, solicitors are keen to know whereabouts on funds. (anti money laundering) I understand that they need to get my parents' IDs, Letter, Bank Statements.
Any mortgage advisor, conveyancing solicitor or anyone with experience can you please let me know,
Do my parents need to show bank statements before and after applying loan as well?
How do I secure the mortgage with these conditions please?
Thanks a lot.
0
Comments
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It's their loan, not yours so it will not impact you.
They should keep the loan paperwork in case it's requested by solicitors.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Can you please tell me what happens if we not disclose this to solicitors in the beginning of the process?
As I already got the deposit and save considerable amount at the end of each month.0 -
Absolutely nothing.
Were you expecting the Spanish Inquisition...?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
lol..I wanted to commit to the process like a pro.
I don't want to over complicate the process. I wanted to disclose everything and be transparent as possible. My only concern whether its complicated things more?0 -
Should make no difference.
It would if it was your loan!I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
ftbmortgager wrote: »lol..I wanted to commit to the process like a pro.
I don't want to over complicate the process. I wanted to disclose everything and be transparent as possible. My only concern whether its complicated things more?
Only disclose what you are asked.0 -
We had a gifted deposit, well i say that,it was again for solicitor / broker fees as we had out deposit saved, but disclosed this from the off, just to make sure we were 100%,
the solicitor has not asked for my parents bank statement, just a letter stating they dot want it back,(which the mortgage company got also) i guess it all depends on the amount, if its a lot then maybe they would, ours was only 2k,0
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