Gifted deposit loan question

markfj

Hi.

Just a quick question please

I am hoping to buy a house with my partner,

My brother and mum have both taken out a loan to help with the deposit needed .

They are willing to fill in the form that its a gift and not a loan and they have no interest financially in the house.

The broker wants all the details of the gifters and to see their bank statement for a month, which makes sense

I'm just abit concerned that they may not lend based on seeing the 2 loans which is part of the deposit (they are giving me money they have saved too)

I am trying to do everything by the book, I just wondered if it's not A loan in my name and they confirm there's no financial interest from them in the house if that's acceptable ?

Thanks

Thrugelmir

The obvious assumption by an underwriter is that you'll be funding the loans.

scotgal30

I didn't think the underwriters look at the bank accounts of those gifting you the deposit - it is only the broker who does this to check there is no money laundering - our mortgage company did not see statements of those gifted to us.

How much is being 'gifted'?