Taking out a mortgage with a gifted deposit - universal credit

TELLIT01

It doesn't matter where the money is being held.  If the partner inherited the money it is theirs and must be declared when claiming UC or any other income related benefit.  It cannot be disregarded on the basis that it was left to them as a deposit to purchase a property.

peteuk

@Muttleythefrog it was me that questioned the £16K being enough for a deposit. 

peteuk said:

Im not sure 

a) £16k is going to get much in the way of mortgage
b) mainstream lenders will lend to those on UC

But you seem to be past this stage.

when you apply for a mortgage your other half will have to prove where the monies came from. 
 If it is held in his parents name, and then should anything happen to them unless there is a clear statement eg the original will then it may be looked upon unfavourably by HMRC should their finances e investigated.

Id also question the optics of £16K as this is the upper threshold for entitlement for means tested benefits, the optics aren’t the best. 


Although I agree it has little to do with the UC claim, I am struggling to understand where the OP is

The title suggests they are already on UC, and I assume this is two singular claims as they both currently live with their parents. With the pervious post suggesting thy had a mortgage hence the line “you seem to be past this stage”

OP please be clearer in the situation you are in and then those who know UC will advise you, until then its very difficult. 

Are you both claiming UC at present?
Other than the £16K do you or your other half have any other savings?
How far down the house purchase are you? - do you have a mortgage in principle?  Do you know how much you can spend?  Have you looked at things like insurance, bills, maintenance etc - given that it can take 6 months to buy a house, even if you have a mortgage in principle, a joint UC claim is somewhat middle of next year at the earliest. 
Who would be paying the mortgage?  

I know these are not UC questions but you’re focusing on “we will claim UC as a couple when we buy a house.”  Which is to me is so far down the line.