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HELP CONFUSED! Savings towards mortgage
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![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
When does money given by a parent become your own savings? My husbands father gave him money for his 21st birthday (he’s now 34) and also a lump sum about 7 years ago which he has just had in a savings account all that time and is now using towards a property purchase. As my husband has had this money for a really long time is it considered a “gift” still? Or is it just his own savings now? We are at the point of instructing solicitors and obviously they ask how you’ve saved your deposit etc. really confused if anyone could shed some light I’d be very grateful!
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Comments
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Declare the money as savings. Seven years is well in the past. If further questions are asked. Then answer truthfully and provide the documentation requested.1
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I would just declare it as savings - unlikely anybody will probe that far back, unless they suspect an incredibly slow money-laundering scheme!1
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