Sole Mortage joint account

becki86

Hello hope someone can help,
I have applied for a Mortage on my own and got my offer had suvey and search’s all done, now it’s got the the deposit source which is in a joint bank account and they money which is in there have been proved where it came from. But now the solicitor is saying about my partner writing a letter stating that the money is a gift? But it is in our joint bank account so I could go Into the bank Tomoz and withdraw it if I wanted too so I now dont understand and I’m worried as he said he will have to get back to the Mortage team ( the place I used know my deposit is in a joint bank account) 

thank you 

[Deleted User]

becki86 said:

Hello hope someone can help,
I have applied for a Mortage on my own and got my offer had suvey and search’s all done, now it’s got the the deposit source which is in a joint bank account and they money which is in there have been proved where it came from. But now the solicitor is saying about my partner writing a letter stating that the money is a gift? But it is in our joint bank account so I could go Into the bank Tomoz and withdraw it if I wanted too so I now dont understand and I’m worried as he said he will have to get back to the Mortage team ( the place I used know my deposit is in a joint bank account) 

thank you 

It's a joint account so equally your partner could go into the bank and withdraw it all if he wanted. 

eddddy

Is there a problem with providing the letter?

The main thing the mortgage lender wants to make sure is that part/all the money isn't a loan from your partner, which you need to pay back, and that your partner can't claim that they have any legal interest in the property you're buying.

(If you had recently transferred the money out of the joint account into your sole account, the solicitor would have seen the transfer on your bank statement, and asked for the same letter from your partner anyway.)

kingstreet

Hopefully, your lender accepts gifts from non-blood relatives who won't be party to the purchase/mortgage but who will be living in the property. Many don't.

becki86

Hello all 
just asking as when I spoke to the lender I said that the deposit was in a joint account and they said that was fine as I’m on the account too.
its the solicitor now creating all this problem and saying he need to go back to the bank once a gift form is done from my partner. But regarding the gift form it’s a joint back account so it both our money so don’t know why they want this gift
form? 

SDLT_Geek

If the money belongs to both of you, then surely your partner will have a share in the property?  That would be the case even the property is "in your name" because of the underlying reality about where the money has come from.  That could put the spanner in the works for the mortgage and possibly the stamp duty land tax SDLT treatment.

becki86

Thank you I won’t be paying land tax as FTB and under 125,000 cos he does not reside In the UK they will not accept him for a Mortage thank you all for the replies will give them a ring on Monday