Gifted Deposit Question

Spannerx8395

So me and my partner have  had an offer accepted on a house back in January we have applied for a mortgage ourselves to avoid the mortgage broker kick back meaning we get charged extra and have a really good deal at the moment at 4.24% which I know I wouldn't had gotten with a broker.

However my partner had received a gift from her uncle of £4000 at Christmas we had said we have a £30,000 deposit which we can use on the bank statement for December it shows my partner having £9,650 in the bank and myself having £20,000 I had said to the solicitor that I will put £19,000 and my partner would put £11,000 to make the £30,000 deposit which the solicitors said this would make part of the gifted deposit so we had her uncle go through the checks and all passed. Only to be told earlier this week that the bank will not accept gifts from the uncle and will only accept it from a parent. 

I had suggested that instead I put £20,000 and my partner puts £10,000 into a joint account meaning the £4000 gift stays in her account  as well as part of her pay for the month to the solicitor since  the mortgage application went through early February  we have accumulated more funds for us to be able to do this and make up the difference without using the gifted deposit. However the solicitor has had to check this with their boss and not gotten back to me. I suppose my question is can anyone see a reason why they would not accept the proposition I gave to the solicitor if we can prove that the £4000 gifted stays in my partner's account then I can't personally see an issue but if that's the case why would they have not gotten back to me straight away. As far as I can see there's no way to prove that the £4000 has changed my partner's spending habits and the bank has done it's affordability check so I can't possibly see an issue in this. 

Any advice would be much appreciated 

DullGreyGuy

Spannerx8395 said:

So me and my partner have  had an offer accepted on a house back in January we have applied for a mortgage ourselves to avoid the mortgage broker kick back meaning we get charged extra and have a really good deal at the moment at 4.24% which I know I wouldn't had gotten with a broker.

With each of our mortgages a broker has managed to secure better rates than what was offered direct from the lender, not only that but they have pre-warned us of imminent changes in rates enabling us to secure lower renewals than if we were on our own. 

If you think lenders regularly undercut their brokers on direct sales you really dont understand the economics of the industry. 

Obviously this is where your brokers experience and connections with the lenders would have come in. You are now relying on the comments from strangers which may or may not be correct. 

You can always return the gift to the uncle to prove it's not being used as part of the deposit. They would be free to give you the gift again after moving in as a house warming gift. 

theartfullodger

When I gave my sons £££ to help their deposits I had to provide signed letter (supplied by lenders) stating it was a gift.

I've always used brokers except when buying for cash. F k if it was wise or not ..

Hoenir

Spannerx8395 said:

 However the solicitor has had to check this with their boss and not gotten back to me. I suppose my question is can anyone see a reason why they would not accept the proposition I gave to the solicitor if we can prove that the £4000 gifted stays in my partner's account then I can't personally see an issue but if that's the case why would they have not gotten back to me straight away.

Solicitor will ultimately refer the matter back to the lender. Be their decision as to what's acceptable

Spannerx8395

Thank you for the advice.

I realised I made a bold statement without the evidence to back it up I had approached two brokers at the time. One of them were able to price match the deal but with a flat fee of £300 and a cost of £99 for the mortgage set up we would also need an extra £1000 to qualify for this deal meaning the upfront costs were essentially an extra £1399 the second broker we approached has informed us that the best deal on there panel they could offer was 5%( this one was recommended by the EA)  based on those two that I approached and referencing this website I got the best deal through Lloyds and I am a club member so essentially from my own experience and research had got the cheapest deal. Yes I know I could of approached other brokers to see if they could beat it however I just found it easier to apply for myself. 

I had a response from the solicitors late yesterday they were happy for us to transfer the money into the joint account if we prove with the bank statement that the £4000 stays in my partner's account and we can prove this with a bank statement we also have to confirm with via email that this will not be used towards the deposit (just solicitors taking the time to confirm I suppose for anyone else that finds themselves in a similar situation) 

In regards to the uncles ID checks and letter to confirm that this is a gift. The solicitors had already done this with him prior to this situation so before this hiccup I assumed it was going through okay. 

However it resolved itself in the end.