Gifted mortgage problem- solutions?

Scot1969

Yeah, I would agree- the solicitor has advised this though.

Mortgage_Adviser

By passing the same money between many people multiple times you will just make the things worse!
You gave her the money. Leave it as it is. Most of the lenders will just treat the deposit as her own money/savings after she had it for half a year or so and will not dig too far in the past.

Retired_Mortgage_Adviser

I don't get it. On what basis is the solicitor asking her to return your gift?

I've placed cases with deposits gifted from multiple sources (relatives and unrelated).

As long as there is a paper trail (bank transfers supported by gift letters, more if from overseas), it's not a big deal to find a suitable lender and satisfy the solicitor's AML checks.

Scot1969 wrote: »

Yeah, I would agree- the solicitor has advised this though.

davidmcn

Scot1969 wrote: »

I just can't seem to get an answer on how long money needs to be in an account before the source is no longer scrutinised. I've seen everything from 3 months (unlikely, surely) to 18 months.

There is no standard answer. 3 months is fairly likely but we've seen other threads here with much longer periods being queried.

Scot1969

Thanks everyone. I think we're going to go for using my money for 6 months of living expenses, whilst all wages are banked in a different account and then used to make up the bulk (hopefully) of the deposit. I'm wary of going down the route of finding a lender that is happy with a gifted deposit, as they were apparently happy last time, and then suddenly weren't!

enthusiasticsaver

I had no issue when gifting deposit money to my daughters to buy properties and just did the letter saying it was a gift. I am surprised that your partners lender would not accept your letter simply because you are a partner and not a family member. Surely if you give her the money some time in advance the bank are not going to trawl back any more than 6 months or so?

foxy-stoat

Can you not be named on the mortgage as well?

Would sort out your issues.

[Deleted User]

I dont know why you are desperate to find a way around lenders rules when there are plenty lenders who accept gifts from non blood relatives.

HSBC used to take gifts from anyone, now its just direct family members. Why? Who knows. Is it fair? Doesnt matter. Its their money, their rules.

Go to a lender that accepts the situation as it is rather than crying how unfair it is and being desperate to try commit fraud by misrepresentation

Thrugelmir

enthusiasticsaver wrote: »

I had no issue when gifting deposit money to my daughters to buy properties and just did the letter saying it was a gift. I am surprised that your partners lender would not accept your letter simply because you are a partner and not a family member.

The rules have existed for many decades. Published criteria is very clear as to the acceptable source of deposits. The surprise should be that the advisor wasn't aware of such a basic requirement.

getmore4less

What's all this WE?

You gifted the money they are buying the house and living in it it's nothing to do with you