Parents gifting a deposit that THEY borrowed

Brady89

Also nationwide do £500 cash back for all first time buyers and I’ll get £600 when I close my help to buy ISA so that should cover the rest of the fees

Fubbly

If I was in your position I would not be mentioning (unless explicitly asked) how my parents were planning to source the gift.. As above, the Nationwide form does not require it - in other circumstances your parents could be offering the gift without telling you where they got the cash.

In the unlikely case that there was a problem, presumably your parents do not have other savings that could be an option? (perhaps a silly question but some people think in terms of separate pots for separate purposes)

amnblog

Are we saying you only have a telephone conversation with a Nationwide to confirm this lending level?

Have they not seen your documents?

enthusiasticsaver

I don't think they will be interested how your mum gets the money. She will just need to say she is gifting you the money and does not expect you to pay her back and she has no financial interest in the property.

Brady89

Yeah a telephone conversation is as far as it’s gone so far. Filled in their affordability calculator and it said £101,000, then I called them to book an appointment and the lady on the phone took me through a survey asking me about all my earnings and the property details etc (took about 10 minutes) and said they could go up to £101,000. I understand that there’s a good chance then when I go see them with my documents they will say sorry we can only give you X amount, I’m just hoping for the best at this point, all the information I gave on the phone was correct so hopefully the calculator is accurate