Using a large gift sum for a deposit only

nemoh88

Soot2006 said:

I repeat what I say further up: get all the cash into your own savings account asap. Then it doesn't matter which "bit" of the money in there is from the inheritance or gift from your parents and which "bit" is from your prior savings. You need to explain where the money from, but it becomes exponentially less important with every passing month that it sits in your account.

Your savings are then:

- money you have actively saved over the years

- money you inherited from your grandmother

- money that was gifted by your parents (for this portion, they will need to complete a form to confirm that it is a gift not a loan).

Use what you want for the deposit; retain what you want for the future.

Don't start overcomplicating things by having your parents' bank account involved in anything. Money into your account, today.

I apologise, I think I managed to scroll past your previous post! I did indeed wonder because most checks only go back 3 months whether I should be putting their money into mine now. Thank you for the information!

Thrugelmir

The solicitor will obviously be required to ascertain the source of the deposit. Be prepared to substantiate. 

nemoh88

Thrugelmir said:

The solicitor will obviously be required to ascertain the source of the deposit. Be prepared to substantiate. 

Yeah so I guess even the inheritance amount would need to be accounted for to the penny? I mean, I have no issue proving any of it but I just wanted the easiest route and I just wondered whether the source of the money would impact how lenders viewed me. I have a decent credit record now and should have as close to a perfect track record as anyone can have. I had a lot of debt a year or so ago but it's all totally paid off now and I haven't missed a single payment on anything in the last 6 years (that's as far as my credit report shows me but I don't think I've ever missed one in my lifetime)

Thrugelmir

Not to the penny. Inheritance should be easy to substantiate as will be supported by correspondence and estate accounts.