Gifted Deposit Letter

Sammie_1985

Hi,
My parents have very kindly said they would like to gift us £10,000 towards a house we have put an offer on.
Can anybody please tell me what information needs to be in the letter they write to state it’s a gift? Thanks in advance.

davidmcn

You'd be best to check with whoever has asked you for the letter what they'd like it to say. But generally to say it's a gift and they don't intend to have any financial interest in the property.

Sammie_1985

Thanks for your reply.
We haven’t been asked for the letter yet, my mortgage broker mentioned we would need one so that’s good to know there’s no rush on one at the moment.

HampshireH

Quite often the solicitor will send them a statement to complete and sign. This is classed as their letter and declaration.

States how much, when and that they have no interest in the property and it is not to be repaid.

Alternatively there are probably some examples online or templates

Sammie_1985

Thanks for your reply.

When would be the best time for them to transfer the money to myself?
We’ve applied for the mortgage with Santander today through our mortgage broker but I’m unsure who will ask for proof of deposit or when?
Will Santander give us a mortgage offer without seeing our deposit?
We’ve saved £30,000 in an isa my parents are gifting us £10,000 and we will be adding the last £2000 next week.

Sammie_1985

Anyone applied for a mortgage through Santander? What are your thoughts on them?

Sea_Shell

Just checking...Are you 100% sure that they are happy to gift to you both regardless of what might happen in the future.

Is it really, really a gift that they never expect to see a penny back from, ever???

If so, that's great. We read so many stories where it isn't and it causes big problems down the road.