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Parents Gifting a Mortgage Deposit
fairchi44
Posts: 27 Forumite
We are in the lucky position of being able to gift our daughter the deposit for a mortgage . We are aware this will involve a declaration in writing when she applies for the mortgage . Could anyone advise us when the physical cash would then be payable . We have the funds but they are tied up for a few months , would this prevent her going ahead and applying for mortgages
Many thanks
B
Many thanks
B
0
Comments
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It would be needed for exchange of contracts, although the solicitor might want the gift paperwork, your ID and the transfer documentation ahead of that.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
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Thankyou so much for your helpful reply0
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My parents have just done this for me. The money needs to be available on exchange. The estate agent asked to have a letter from my parents on putting in the offer, and my solicitors have asked for a form to be filled in, copies of their passports, and a bank statement showing that the funds are available. I've done my full mortgage application (waiting on my survey now) and they haven't asked for anything yet!0
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Thankyou so much - very helpful0
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