Gift from EU parents for deposit

lien_neil

I'm a first-time buyer looking to increase my 10% deposit by an extra 5%, using a gift from my parents who are EU citizens/residents. I'm still in the early process of online browsing for properties and mortgages, but would like to know what the best way forward is. 

• Should my parents transfer the money to my UK account, and write a 'gifted' letter?
  
• Should I wait until I actually apply for a mortgage and ask the advice of my broker? 
  

I don't want to hold up the mortgage application process, by having to figure this out after having put an offer down for a flat. Any advice is welcome! 

kingstreet

Wait until you have a property and broker. The process can be different depending on lender. For example, Halifax and Nationwide have a specific form to be completed. Others require a letter in a specific format/wording. Expect to provide donor ID and statements showing funds in-situ.

Thrugelmir

The source of the funds may well need to be evidenced. Ensure that documentary evidence is available.