Gifted deposit
Lolarose311
Posts: 1 Newbie
Hi everyone,
My mortgage application is currently with underwriters and hoping to have decision in next couple days!
I have been given a gifted deposit from parents and basically I don’t need to use it all for house but was intending to use some for furniture and soliciter fees etc but parents don’t know this fully. Basically can they transfer to my account and then I transfer to soliciters or will they need to transfer it to soliciters themselves therefore I won’t get the money to pay for furniture etc if they realise not all for house deposit.
They’ve already filled gifted deposit forms out jsut want to know if I handle the money in my bank account first. :T:T
Many thanks
My mortgage application is currently with underwriters and hoping to have decision in next couple days!
I have been given a gifted deposit from parents and basically I don’t need to use it all for house but was intending to use some for furniture and soliciter fees etc but parents don’t know this fully. Basically can they transfer to my account and then I transfer to soliciters or will they need to transfer it to soliciters themselves therefore I won’t get the money to pay for furniture etc if they realise not all for house deposit.
They’ve already filled gifted deposit forms out jsut want to know if I handle the money in my bank account first. :T:T
Many thanks
0
Comments
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You can transfer to your account first, though the solicitor will want to see statements of your account showing the transfer.
You could alternatively explain it (to parents) as taking some of the mortgage to pay for furniture and fees, if they needed to feel that all the money was going to the deposit. Net effect is the same.I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
On the gifted deposit form it probably asked how much they were gifting for the actual deposit, will this be the same amount they transfer to you ? Leaving you with nothing left over?0
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seems a bit underhanded to not tell your parents what you are doing with the gift, surely its easier to explain to them you are using some to help furnish your house and it will remove the problem.0
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what documents did the solicitors/lenders ask to be provided from your parents? my parents want to gift me a deposit but its coming from a personal loan was wondering if this would be an issure0
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We had a gifted deposit, the solicitors either have a form or a letter to fill in. They also wanted bank statements to see where the funds were from ( from the person gifting the money)0
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Hi,
You should use your parent's money for the purposes that they gave it to you. Anything else is dishonest. If you don't need it all because the mortgage is based on a lower deposit then offer to return the excess. If you feel you need some of it for fees or furniture then ask if you can use it for that. Many people of an older generation started out with nothing and don't see the need for new from the shop furniture. What they allow their money to be spent on should be their choice.
Tlc0
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