Mortgage/ Gifted deposit advice

Vasquez65

If it’s true that a 15%+ gifted deposit can be accepted then that is utterly disgraceful and very unfair to those with less affluent parents.  

What about an inheritance, for example?  Does that count as a ‘gift’?  

davidmcn

Vasquez65 said:

What about an inheritance, for example?  Does that count as a ‘gift’?  

No, an inheritance is your money.

Thrugelmir

FTB_society said:

haras_n0sirrah said:

I would just ask the solicitor how long a deposit has to be in your account before it is considered your money. At least then you have an answer.

so this means, there is not a concrete rule, all depends on each solicitors ?

Solicitor also works for the lender. They'll do whatever they are instructed to.  If that's ensuring the deposit comes within the lenders rules that's the task they'll undertake. As the lender themselves isn't going to perform a check. 

shakAFC

SpiderLegs said:

shakAFC said:

It’s been in your account since February, I would now class that as your savings?

Are you suggesting the OP lies about the source of deposit?

No I’m most definitely not. Where did I suggest that? If you got GIVEN x amount of money and it’s been in your account for nearly a year isn’t that classed as your savings? 

If the money was given for the use of a deposit I’d say that’s different. 

A line has to be drawn somewhere no?