Using gifted money from parents to purchase property in Scotland

cj123_2

Hi there,


I have just purchased a property in Scotland and in order to bid over valuation of the property, I will be using gifted funds from my parents.


I do not need assistance from my parents in securing the deposit - I have already saved this myself, I only need help to pay the cash in excess of the valuation.


Will the mortgage provider care about this? Will I still need to go through the process of getting documentation from my parents that funds will be gifted for anti-laundering purposes?

davidmcn

The anti-money-laundering stuff applies to all money passing through your solicitor's hands, so even if you weren't getting a mortgage then you'd need to provide ID and source of funds info for the money coming from your parents.

And yes, you'll still need the lender's approval for any of "your" contribution to the price coming from a third party.