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Gifted deposit from a friend
kelslayer
Posts: 25 Forumite
I have been kindly gifted a sim of money that is to be used for a deposit from a friend.
im having trouble with lenders cos they want gifted deposits from family. If my friend gives the money to hold myself how long do I need to hold onto it before it is no longer ‘from a friend’ or will I still need to show it was from a friend. If that makes sense?
im having trouble with lenders cos they want gifted deposits from family. If my friend gives the money to hold myself how long do I need to hold onto it before it is no longer ‘from a friend’ or will I still need to show it was from a friend. If that makes sense?
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Comments
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its origin is eternal it came from a friend....
You need a broker, not many lenders will accept this.
Solicitors have to do an audit trail, that is till they are comfortable - not 6 months and a day...1 -
@kelslayer I'm pretty sure there are lenders that will consider gifted-deposits from non-family, subject to plausibility and other attached criteria (eg: applicant must also be contributing x% to the deposit).
I would not recommend trying to hide the source as that can lead to issues late in the conveyancing process.kelslayer said:I have been kindly gifted a sim of money that is to be used for a deposit from a friend.
im having trouble with lenders cos they want gifted deposits from family. If my friend gives the money to hold myself how long do I need to hold onto it before it is no longer ‘from a friend’ or will I still need to show it was from a friend. If that makes sense?
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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Oh no I won’t try to hide it. I just wandered if I had it for a period of time they would see it as my own.I have a broker on it, so I’ll just be patient that he can do his magic.
it doesn’t help that we have adverse credit history. So I don’t think the 2 together are sitting well. 😫0 -
Speak to a broker.
There are lenders, but you are unlikely to get the pick of lenders and there could be more questions. Your friend may also need to satisfy AML requirements (although they may be able to liaise directly with the lender/solicitor if they do not want you to have their bank statements).I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
NatWest allow gifted deposits from third parties. A family friend (godparent) gave my OH some for our purchase. I think you need a letter saying it is not repayable under any circumstances, so slightly more stringent than from a family member.
Pensions actuary, Runner, Dog parent, Homeowner1
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