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    • wdw2003
    • By wdw2003 4th Dec 17, 6:05 PM
    • 231Posts
    • 96Thanks
    Giving Family Member Deposit Help
    • #1
    • 4th Dec 17, 6:05 PM
    Giving Family Member Deposit Help 4th Dec 17 at 6:05 PM
    I'd appreciate some advice about the money trail for a deposit.

    A family member was given several thousand to be used as part of a mortgage deposit. However, bank statements (I think) checked by the lender showed that this money came from another family member as cash withdrawals from a number of credit cards.

    The mortgage lender says that this money is a loan and can't be considered a gift or used for the deposit, even though that person doesn't want the money back.

    I've now been asked to give the money out of savings and I (or someone close to me) will be given the original cash as a transfer, possibly via a third party. I would also need to provide 3 months bank statements, which isn't a problem.

    It's all up in the air at the moment, but I'd appreciate some advice as to how the applicant can use the money towards the deposit.

    Wouldn't them transferring x thousand to someone else and then the same amount coming back in from yet another party look just as suspicious? Would they need to repay the person who gave the money, rather than a third party?

    Would we need to pay in advance and wait to receive the money until after the papers were signed?
Page 1
    • ThePants999
    • By ThePants999 4th Dec 17, 6:11 PM
    • 1,118 Posts
    • 1,374 Thanks
    • #2
    • 4th Dec 17, 6:11 PM
    • #2
    • 4th Dec 17, 6:11 PM
    Yes, they should transfer the money back where they got it from, and you should transfer your money independently (if you're happy to do this). The solicitors aren't going to look at transfers of B->A, A->C, C->A and accept that it's now a gift from C instead of B!

    As for the timings - it SHOULD be the case that all the bank/solicitors care about is that the paper trail clearly shows that you had this money in savings 3+ months ago, and gifted it to the buyer.
    • coley54321
    • By coley54321 5th Dec 17, 8:05 AM
    • 33 Posts
    • 7 Thanks
    • #3
    • 5th Dec 17, 8:05 AM
    • #3
    • 5th Dec 17, 8:05 AM
    this money came from another family member as cash withdrawals from a number of credit cards.
    Originally posted by wdw2003
    They're accepting another person in your family going into debt on credit cards on their behalf?

    This sounds absolutely insane, both by you, them and the family member.

    Just tell them to wait and save the money themselves, and stop getting other people in their family into debt, and doing fraudulent activities.
    Last edited by coley54321; 05-12-2017 at 8:34 AM.
    • csgohan4
    • By csgohan4 5th Dec 17, 8:53 AM
    • 4,426 Posts
    • 2,776 Thanks
    • #4
    • 5th Dec 17, 8:53 AM
    • #4
    • 5th Dec 17, 8:53 AM
    Bargepole time.. Money and family/friends do not mix unless you don't expect the money back. Nothing stopping them from not transferring it back or say they have a need over xmas e.t.c
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
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