Parents paying Mortgage costs

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Crimson11
Crimson11 Posts: 2 Newbie
in Mortgages & endowments
Hi

I have saved my deposit for a house and my parents have said they will pay all my mortgage costs. Application, valuation, solicitor fees etc. Will this cause problems if they pay using their card?

Thanks

Comments

  • ACG
    ACG Posts: 23,729 Forumite
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    No, but it might need to be declared as a gift. Check with the lender.

    It is unlikely the val/solicitors fees will need to be, but possibly the application fee.
    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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Unlikely solicitors will accept credit card payments for their fees and disbursements.
  • Crimson11
    Crimson11 Posts: 2 Newbie
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    It wouldn!!!8217;t be on their credit card just normal debit card. Would it be easier for them to transfer the money into my account and I pay everything, I was just concerned about having large transfers into my bank account showing up on my statements. Would lenders be ok with this if I explain it was a gift to pay for fees etc?
  • ACG
    ACG Posts: 23,729 Forumite
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    Its not where the money is, it is where it has come from.
    It wont make any real change to your application, but if you sort it out now, it wont cause any delays down the line.
    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.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,595 Ambassador
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    You should not be using your parents debit card. It is against the terms and conditions of the account. You pay it and get your parents to reimburse you. I don't see otherwise why it should need to be declared as it is to cover fees/costs not to go towards deposit.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    enthusiasticsaver wrote: »
    You should not be using your parents debit card. It is against the terms and conditions of the account.
    That wasn't what the OP was proposing:
    Crimson11 wrote: »
    Will this cause problems if they pay using their card?

    In answer to the question, ask your solicitor. Different firms are likely to have different policies about whether they are bothered about the source of funds for payment of costs. Strictly speaking, the lender should only be concerned about where the purchase price comes from.
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