Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • HampshireH
    • By HampshireH 7th Mar 18, 8:15 PM
    • 703Posts
    • 746Thanks
    HampshireH
    When is a cash gift a gifted deposit?
    • #1
    • 7th Mar 18, 8:15 PM
    When is a cash gift a gifted deposit? 7th Mar 18 at 8:15 PM
    Exactly as the title says.

    My siblings and I all received a cash gift last year when I had no intention of buying a house so this wasn't a deposit gift. It came from my dad after his dad died and they sold the house.

    My dad is now gifting me towards a deposit.

    How far back is a cash gift deemed a gift towards a deposit.?

    I hadn't considered the previous gift when advising the mortgage broker that I would have a part gifted deposit and outing my deposit & gifted sum for whole deposit as I considered it as part of my savings.

    Also how many months bank statements do most lenders ask for? This is virgin money who I am applying with.
Page 1
    • Thrugelmir
    • By Thrugelmir 7th Mar 18, 8:18 PM
    • 58,961 Posts
    • 52,279 Thanks
    Thrugelmir
    • #2
    • 7th Mar 18, 8:18 PM
    • #2
    • 7th Mar 18, 8:18 PM
    Much depends on the sum of monies involved. The greater the amount the higher the scrutiny.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • HampshireH
    • By HampshireH 7th Mar 18, 8:22 PM
    • 703 Posts
    • 746 Thanks
    HampshireH
    • #3
    • 7th Mar 18, 8:22 PM
    • #3
    • 7th Mar 18, 8:22 PM
    Original sum was 25k that everyone received late summer last year

    13k specifically gifted for deposit. This is what the broker put down on the application.
    • HampshireH
    • By HampshireH 7th Mar 18, 8:26 PM
    • 703 Posts
    • 746 Thanks
    HampshireH
    • #4
    • 7th Mar 18, 8:26 PM
    • #4
    • 7th Mar 18, 8:26 PM
    Was end of June original sum not later summer apologies
    • Mermaid89
    • By Mermaid89 7th Mar 18, 8:38 PM
    • 53 Posts
    • 22 Thanks
    Mermaid89
    • #5
    • 7th Mar 18, 8:38 PM
    • #5
    • 7th Mar 18, 8:38 PM
    I'm sure I read somewhere you can receive £3k each year without it being questioned though I'm sure someone will be along to confirm. Bank statement typically 3 months but depends on the lender
    • pink_pirlie
    • By pink_pirlie 11th Mar 18, 10:44 AM
    • 180 Posts
    • 113 Thanks
    pink_pirlie
    • #6
    • 11th Mar 18, 10:44 AM
    • #6
    • 11th Mar 18, 10:44 AM
    The 3k allowance is in relation to inheritance tax not anything to do with gifted deposits.

    As the 25k you received was essentially inheritance and received over a year ago I would doubt they would question it. If they do just tell them the truth and I can not see there being an issue.

    My parents are giving me £20k for my new purchase, which was essentially inheritance from the sale of my graddad’s house.
    I just said to the bank it is inheritance and I won’t have to pay it back - nothing more was said about it.
    • ACG
    • By ACG 11th Mar 18, 11:51 AM
    • 17,045 Posts
    • 8,932 Thanks
    ACG
    • #7
    • 11th Mar 18, 11:51 AM
    • #7
    • 11th Mar 18, 11:51 AM
    It makes no odds if it is a gift or not to your application.
    The lender/solicitor may want a gifted deposit form filling out but it wont alter the outcome of your application.

    Personally, I would run this by the lender we are applying to prior to application to see how they would want it disclosing on the application form.
    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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,203Posts Today

6,257Users online

Martin's Twitter