Gifted Deposit from Girlfriend and GFs Parents

conormacleod1987

Hi

I have had an offer accepted for a home for £141k.

MY deposit is £21k but is coming from my GF and her parents as a gift. They are both more than happy to do this. My GF will be living in the house also.

We have a Mortgage in Principle but have not formally applied yet. Is there likely to be any drawback from having deposits gifted this way, as they are both legally not close family members? They are both happy to sign gift letters.

The mortgage providers are Bank of Ireland.

The reason my GF is not on the deeds to begin with is because she is already a joint owner of a house in London that she wont be off for another 2 years.

Your help is really appreciated.

C

ACG

There are very few lenders who will do this. 3 lenders spring to mind and 2 of those would allow you to make a joint application but only one on the deeds.

Glbooth3

We have gifted deposit from boyfriends mum and grandma, not sure if this is all lenders but ours have requested in writing that it has to come from direct family members and they can't have any interest in the property and won't be living there and do not want the money back

Thrugelmir

conormacleod1987 wrote: »

Is there likely to be any drawback from having deposits gifted this way, as they are both legally not close family members? They are both happy to sign gift letters.

So if your relationship breaks down in the next couple of years. They'll all be happy to part with their money.

conormacleod1987

Thrugelmir wrote: »

So if your relationship breaks down in the next couple of years. They'll all be happy to part with their money.

I am not sure happy would be the word, but certainly willing to take that risk as we have been together a while now. WE have absolutely zero reason to consider that as a possibility.

conormacleod1987

Glbooth3 wrote: »

We have gifted deposit from boyfriends mum and grandma, not sure if this is all lenders but ours have requested in writing that it has to come from direct family members and they can't have any interest in the property and won't be living there and do not want the money back

Hi Glbooth...But your boyfriend is on the mortgage right?

conormacleod1987

ACG wrote: »

There are very few lenders who will do this. 3 lenders spring to mind and 2 of those would allow you to make a joint application but only one on the deeds.

Oh really? Who would allow joint application with one on the deeds? This would be ideal, and my GF would go on the deeds at a later date.

ACG

I'm not allowed to name lenders but if you get a broker they shod be able to help.

Most lenders and I think bank of Ireland are included would need the gift to come from a close relative, partners parents would not normally qualify.

conormacleod1987

ACG wrote: »

I'm not allowed to name lenders but if you get a broker they shod be able to help.

Most lenders and I think bank of Ireland are included would need the gift to come from a close relative, partners parents would not normally qualify.

Thanks for your help.

What if it was all from my partner? Which may be feasible?

Thrugelmir

conormacleod1987 wrote: »

I am not sure happy would be the word, but certainly willing to take that risk as we have been together a while now. WE have absolutely zero reason to consider that as a possibility.

You also need to look at the situation from a lender point of view. They have to take the view that it might well happen. Might being the operative word. Hence board level policy being set accordingly.

Glbooth3

Yes he is on the mortgage, (he has to be, it's his direct family gifting the loan 😂)