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Paying back gifted deposit

Debtslayer
Posts: 447 Forumite
Hi
I'm wondering if anyone can help me.
2 years ago my parents gifted me the deposit to enable me to get a mortgage to purchase my first property. Letters were signed from my parents and there was never any intention for me to pay the money back
I'm now in the position where I can pay this money back and they are purchasing a property which they need this money for.
Will there be any come back at all of me paying this money back? Or am I totally over analysing and worrying needlessly?
Also they have got to show proof of funds to their solicitor to purchase their new property, will their solicitor ask about the 10k from me if I deposit it now or should they show proof of funds before I deposit the money in their account? Which they could do and then use my money for solicitors costs etc?
There is no mortgage involved
Sorry if this is a stupid question and I'm worrying about nothing!
I'm wondering if anyone can help me.
2 years ago my parents gifted me the deposit to enable me to get a mortgage to purchase my first property. Letters were signed from my parents and there was never any intention for me to pay the money back
I'm now in the position where I can pay this money back and they are purchasing a property which they need this money for.
Will there be any come back at all of me paying this money back? Or am I totally over analysing and worrying needlessly?
Also they have got to show proof of funds to their solicitor to purchase their new property, will their solicitor ask about the 10k from me if I deposit it now or should they show proof of funds before I deposit the money in their account? Which they could do and then use my money for solicitors costs etc?
There is no mortgage involved
Sorry if this is a stupid question and I'm worrying about nothing!
Current Mortgage 01.10.17 £113,513.88
MFW Start Mortgage: £114,794.64
Current MED: 2036:eek: Target MED: 2026
Overpayment Target for remainder of 2017: £2,000
Mortgage overpayment savings: £684.80
MFW No 124 :money:
MFW Start Mortgage: £114,794.64
Current MED: 2036:eek: Target MED: 2026

Overpayment Target for remainder of 2017: £2,000
Mortgage overpayment savings: £684.80
MFW No 124 :money:
0
Comments
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You are worrying about nothing. You'll have to sign a letter saying it's a gift.0
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Thankyou Anotherjoe
I thought that was the case but born worrier!Current Mortgage 01.10.17 £113,513.88
MFW Start Mortgage: £114,794.64
Current MED: 2036:eek: Target MED: 2026
Overpayment Target for remainder of 2017: £2,000
Mortgage overpayment savings: £684.80
MFW No 124 :money:0 -
Ps when you write such a letter, (if it's not just a form filling tick you need) stick to one sentence. Don't add / volunteer info regards you paying back a gift (since you can't logically pay back a gift anyway) or previous money from them or anything other than the bare minimum.
"I confirm the sum of £10,000 from me is a gift to my parents with no requirement to pay it back, and it originates from my savings. " or something like that.0 -
Your gift to them has no connection to the mortgage.0
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Thrugelmir wrote: »Your gift to them has no connection to the mortgage.
Thankyou Thrugelmir
So totally over analyzing, that's usual for meCurrent Mortgage 01.10.17 £113,513.88
MFW Start Mortgage: £114,794.64
Current MED: 2036:eek: Target MED: 2026
Overpayment Target for remainder of 2017: £2,000
Mortgage overpayment savings: £684.80
MFW No 124 :money:0
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