Parents paying Mortgage costs

Crimson11

Hi

I have saved my deposit for a house and my parents have said they will pay all my mortgage costs. Application, valuation, solicitor fees etc. Will this cause problems if they pay using their card?

Thanks

ACG

No, but it might need to be declared as a gift. Check with the lender.

It is unlikely the val/solicitors fees will need to be, but possibly the application fee.

Thrugelmir

Unlikely solicitors will accept credit card payments for their fees and disbursements.

Crimson11

It wouldn!!!8217;t be on their credit card just normal debit card. Would it be easier for them to transfer the money into my account and I pay everything, I was just concerned about having large transfers into my bank account showing up on my statements. Would lenders be ok with this if I explain it was a gift to pay for fees etc?

ACG

Its not where the money is, it is where it has come from.
It wont make any real change to your application, but if you sort it out now, it wont cause any delays down the line.

enthusiasticsaver

You should not be using your parents debit card. It is against the terms and conditions of the account. You pay it and get your parents to reimburse you. I don't see otherwise why it should need to be declared as it is to cover fees/costs not to go towards deposit.

davidmcn

enthusiasticsaver wrote: »

You should not be using your parents debit card. It is against the terms and conditions of the account.

That wasn't what the OP was proposing:

Crimson11 wrote: »

Will this cause problems if they pay using their card?

In answer to the question, ask your solicitor. Different firms are likely to have different policies about whether they are bothered about the source of funds for payment of costs. Strictly speaking, the lender should only be concerned about where the purchase price comes from.