Gifted deposit

Blade71984

Good morning, I’m looking for a bit of advice/help. I’m lucky enough that my grandparents are gifting me our deposit, we need to show proof of funds before we can submit our full application. I’m struggling to think of ways to do this, my grandparents are reluctant to share bank statements with myself & our broker. Are there other options that will be acceptable?, thank you.

K_S

@Blade71984 Your broker is the best person to answer this question at this stage in the process as it depends on the lender, your circumstances, size of deposit, etc.

Unfortunately, there's no way of guaranteeing that the lender/conveyancer will not ask to see the source of funds (sometimes asking for 6 months bank statement from the giftor) later on in the process for AML checks.

davidmcn

Blade71984 said:

my grandparents are reluctant to share bank statements with myself & our broker

You'll need to explain to them that's essential for this to work (though you don't need to see the statements, just the broker and solicitor, if that makes any difference to them). 

csgohan4

there was something similar a few months back where the relative refused to give bank statements, even to the solicitor, so the purchase fell through. 

[Deleted User]

Personally i wouldn't submit a case without proof of where the deposit is coming from.
Even if a lender doesn't ask for it and a broker doesn't require them for compliance then the solicitor will definitely ask for them

Only way round it is to get money now and wait a year as then certain lenders wouldn't class it as a gift anymore

AnotherJoe

Well that would be a simple way of evading ML checks woudlnt it if the sender coudl just say "I wont let you see my bank statements" and the broker said "Ok, passed then"

Tell your GP's you arev ery grateful but they are likely to ahve to produce statements however they should be able to obfuscate most of it, eg the fact that theres £10 a month going to Joe Coral or whatever is no business of the brokers. At worst they will just want to see, say £20k in the account 6 months ago and £20k now and check on any major inflows, eg if its says £25k in from a Mr Putin they probably wont like that. . But as said do check with the broker, mine for exampel just wanted to see i had the money in my account and wast interested in seeing its history, a printout of what was in there now, was OK for them.  I'm guessing the fact it was with a reputable organisation was good enough for them, after all that organisation woudl have done its own due diligence on teh money getting in there. Otherwise where does it end?

Marvel1

Tell them thanks for the offer, but due to not sharing their bank statements then you will have to decine their offer.

Mani_London

I would say speak to your potential broker and solicitor and say if thats okay they can send the bank statement direct to them. They might take this option of sending statements to someone professional.