Gifted money from Grandparents - now being asked to show bank statements!

sumisuz

My Mum & Dad gave my Daughter some money as a gift. She is going to use that as part of her deposit for her new house purchase. My Mum has been asked to send ID, pictures of herself and an email. They are now saying they need 6 months bank statements. My Mum is elderly and my Dad has dementia, they are really stressed about this. It is only £8500, not a huge amount. I understand money laundering  rules but surely this is an invasion of my parents privacy? 

jazzyja

"Only 8500"....thats alot in my opinion. Can your daughter not just do this for them? 
The whole process of applying for a mortgage feels like privacy invasion. I mean someone goes through your bank statements and basically judges your lifestyle and your financial habits. Its not exactly an enjoyable process 

Poppyka

Hi we’ve had to do something similar. Solicitors are quite strict with checking where money has come from no matter how big or small.  As you’ve mentioned it has to be done rule all any issues with money laundering out. 

Thrugelmir

jazzyja said:

The whole process of applying for a mortgage feels like privacy invasion. I mean someone goes through your bank statements and basically judges your lifestyle and your financial habits. 

You are wide of the mark if that is your belief. Ordinary people live ordinary lives. Those that complain the loudest are more often the ones with something to hide. 

jazzyja

Thrugelmir said:

jazzyja said:

The whole process of applying for a mortgage feels like privacy invasion. I mean someone goes through your bank statements and basically judges your lifestyle and your financial habits. 

You are wide of the mark if that is your belief. Ordinary people live ordinary lives. Those that complain the loudest are more often the ones with something to hide. 

I don't think I am. I mean my cousin got questioned why she goes to greggs and spends £3 now and again on a bacon butty.....what's she to hide? It 100% feels like an invasion

kingstreet

The data is gathered simply to assist in any criminal investigation which might be required in the future. All parties in a financial chain are required to obtain such data to broaden the evidence base as far as possible. No-one really pays attention to the usual expenses. Large one-off credits and debits are the only things questioned.

Thrugelmir

jazzyja said:

Thrugelmir said:

jazzyja said:

The whole process of applying for a mortgage feels like privacy invasion. I mean someone goes through your bank statements and basically judges your lifestyle and your financial habits. 

You are wide of the mark if that is your belief. Ordinary people live ordinary lives. Those that complain the loudest are more often the ones with something to hide. 

I don't think I am. I mean my cousin got questioned why she goes to greggs and spends £3 now and again on a bacon butty.....what's she to hide? It 100% feels like an invasion

Sounds rather odd. Unless one is party to the full conversation and aware of all the facts impossible to put a single comment in context.  

jazzyja

Thrugelmir said:

jazzyja said:

Thrugelmir said:

jazzyja said:

The whole process of applying for a mortgage feels like privacy invasion. I mean someone goes through your bank statements and basically judges your lifestyle and your financial habits. 

You are wide of the mark if that is your belief. Ordinary people live ordinary lives. Those that complain the loudest are more often the ones with something to hide. 

I don't think I am. I mean my cousin got questioned why she goes to greggs and spends £3 now and again on a bacon butty.....what's she to hide? It 100% feels like an invasion

Sounds rather odd. 

I wouldn't make it up. This was santander.
I mean I hope you're right....ive just submitted mine and praying they don't pull up the fact I go to Costa several times a week! 

[Deleted User]

In the nicest possible terms, grandparents need to just deal with it and get over it.   If they wont provide proof of where the money came from then your daughter isnt buying that house.

Lenders restrict who is allowed to gift money, its not uncommon for an 'unacceptable' party to give money via an 'acceptable' party to try meet lenders criteria.

kingstreet

jazzyja said:

Thrugelmir said:

jazzyja said:

Thrugelmir said:

jazzyja said:

The whole process of applying for a mortgage feels like privacy invasion. I mean someone goes through your bank statements and basically judges your lifestyle and your financial habits. 

You are wide of the mark if that is your belief. Ordinary people live ordinary lives. Those that complain the loudest are more often the ones with something to hide. 

I don't think I am. I mean my cousin got questioned why she goes to greggs and spends £3 now and again on a bacon butty.....what's she to hide? It 100% feels like an invasion

Sounds rather odd. 

I wouldn't make it up. This was santander.
I mean I hope you're right....ive just submitted mine and praying they don't pull up the fact I go to Costa several times a week! 

You must be a one-off. Such scrutiny would be triggered by something else. That hasn't happened to me on a single client's application with any lender in the last thirty-seven years.

in_my_wellies

Pre stamp duty holiday I offered my son £10,000 towards his deposit. The solicitor suggested this money was used for all the fees and moving costs, etc so as not to involve the mortgage company.  

I don't recall him being asked for any more than proof of salary but that was 2 years ago