Do you need to declare a gift if not for mortgage

Secretxdays

Hi all

Just a bit of background. My partner and I are in the process of buying our first property. I am putting in the deposit and then the rest will be split equally. We have made arrangements for this to be formalised by solicitor.

Now to throw a very nice spanner my partners dad has given him some inheritance from when his grandad passed away. My partner was in desperate need of a car so has brought one now and has some left over.

We decided that because all the mortgage has been approved, we are quickly nearing completing and he is happy with the split he will not contribute to the deposit at the moment. So do I still need to make mortgage company aware of this gift? He will use some of it towards repair works in the house

Thanks

[Deleted User]

Just answer any questions from the solicitors honestly. They will sort out with the lender if need be.

Ive just has a very similar case where client had full deposit and fees in savings. Half way through did a remortgage of another property to fund property improvements. When the funds hit the account the solicitor reported to the lender that part of deposit was potentially coming from remortgage.

It wasn't. At all. But I can't over rule a solicitor.

As long as you answer all questions honestly you will be fine. So at the moment I would leave it as the deposit is not coming from the gift. If the solicitor wants to check with the lender then that's fine

Penelopa.Pitstop

If you're not using gift on deposit, there's nothing to declare. No one cares about the car bought by cash as it has nothing to do with mortgage.

Carrot007

They may ask if they see it on your statement.


I was asked about a large payout they saw.


I explained it was a payment for a new kitchen that was a gift from my mother and printed a previous statement of it going in.


Just becauase it is unconnected does not mean they will not ask.


But all you will need to do is explain it. No trouble really.