Deposit gifted from abroad - what do I need to do?

DS_2355

Hi all,

I'm looking to get a mortgage in the next 6 months or so. By that time I will have saved up around half of the average deposit, but my mum and dad also want to help me out with around £10 - £15k to be used either for the deposit or furniture etc. They're not UK citizens and they live abroad (Romania) but they're willing to send over any paperwork necessary. 

 I trying to find out what the requirements for this gift are exactly. 
I am aware that they need to provide me with a letter making it clear that the money is just a gift and possibly sending over certified copies of their ID?  There's contradictory information all over the internet but I trust this forum a bit more. 

In addition to this, would the fact that I am being gifted some of the deposit affect my chances of getting a mortgage? Thanks in advance. 

davidmcn

You ask your solicitor what they'll need - there aren't standard requirements. But I would expect they will need to verify their ID and the source of the funds (at least bank statements for a few months).

You will also need to check that your lender is happy for the deposit to be gifted.

trex227

Yes as davidmcn says the exact requirements will vary from solicitor to solicitor. When you decide on a solicitor bring the gifted deposit up as soon as you instruct them, making it clear it’s coming from outside the UK, so they can tell you exactly what they want. That should give you plenty of time to get everything together.

Presumably they have photo ID already and have or can get bank statements.