When is a cash gift a gifted deposit?

HampshireH

Exactly as the title says.

My siblings and I all received a cash gift last year when I had no intention of buying a house so this wasn't a deposit gift. It came from my dad after his dad died and they sold the house.

My dad is now gifting me towards a deposit.

How far back is a cash gift deemed a gift towards a deposit.?

I hadn't considered the previous gift when advising the mortgage broker that I would have a part gifted deposit and outing my deposit & gifted sum for whole deposit as I considered it as part of my savings.

Also how many months bank statements do most lenders ask for? This is virgin money who I am applying with.

Thrugelmir

Much depends on the sum of monies involved. The greater the amount the higher the scrutiny.

HampshireH

Original sum was 25k that everyone received late summer last year

13k specifically gifted for deposit. This is what the broker put down on the application.

HampshireH

Was end of June original sum not later summer apologies

Mermaid89

I'm sure I read somewhere you can receive £3k each year without it being questioned though I'm sure someone will be along to confirm. Bank statement typically 3 months but depends on the lender

pink_pirlie

The 3k allowance is in relation to inheritance tax not anything to do with gifted deposits.

As the 25k you received was essentially inheritance and received over a year ago I would doubt they would question it. If they do just tell them the truth and I can not see there being an issue.

My parents are giving me £20k for my new purchase, which was essentially inheritance from the sale of my graddad’s house.
I just said to the bank it is inheritance and I won’t have to pay it back - nothing more was said about it.

ACG

It makes no odds if it is a gift or not to your application.
The lender/solicitor may want a gifted deposit form filling out but it wont alter the outcome of your application.

Personally, I would run this by the lender we are applying to prior to application to see how they would want it disclosing on the application form.