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Does this count as a gifted deposit?

clm25
clm25 Posts: 2 Newbie
in Mortgages & endowments
Hi everyone, ftb-er here.
Late last year my dad gave me a sum of money to pay off student overdraft and credit card. The money was used as directed, and after my debts were cleared I began to put my own savings into the same account to build a deposit for a home. What I’m looking to know is will the money my dad gave me to help clear debt be deemed as a gifted deposit even though there is evidence that my deposit has been saved entirely by myself?
Thanks in advance

Comments

  • ACG
    ACG Posts: 24,688 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I would class that as savings personally, but if in doubt check with the lender.
    I am a Mortgage Adviser
    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.
  • middleclassbutpoor
    middleclassbutpoor Posts: 774 Forumite
    Sixth Anniversary 500 Posts Name Dropper Photogenic
    You can show a direct trail of that money being saved - I would agree that this is savings.
  • clm25
    clm25 Posts: 2 Newbie
    Thanks for your advice. I sent off my mortgage application on Friday and it had only dawned on me after this that the money from my dad may have been deemed a gift. Started to panic then as you do.
  • amnblog
    amnblog Posts: 12,762 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    No panic. Your deposit is savings.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Between starting saving and now there were no gifts.

    Deposit is ALL saving from income.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    ACG wrote: »
    I would class that as savings personally, but if in doubt check with the lender.

    No don't check. It would be like poking a stick into a hornets nest.
    Your dad paid your student loan, good on him.
    You've saved up your deposit, good on you.
    Two different things.
    KISS and don't tell.
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