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  • FIRST POST
    • Crimson11
    • By Crimson11 17th Apr 18, 5:39 PM
    • 2Posts
    • 1Thanks
    Crimson11
    Parents paying Mortgage costs
    • #1
    • 17th Apr 18, 5:39 PM
    Parents paying Mortgage costs 17th Apr 18 at 5:39 PM
    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
Page 1
    • ACG
    • By ACG 17th Apr 18, 6:14 PM
    • 16,841 Posts
    • 8,785 Thanks
    ACG
    • #2
    • 17th Apr 18, 6:14 PM
    • #2
    • 17th Apr 18, 6:14 PM
    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
    • By Thrugelmir 17th Apr 18, 6:24 PM
    • 58,498 Posts
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    Thrugelmir
    • #3
    • 17th Apr 18, 6:24 PM
    • #3
    • 17th Apr 18, 6:24 PM
    Unlikely solicitors will accept credit card payments for their fees and disbursements.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Crimson11
    • By Crimson11 17th Apr 18, 6:35 PM
    • 2 Posts
    • 1 Thanks
    Crimson11
    • #4
    • 17th Apr 18, 6:35 PM
    • #4
    • 17th Apr 18, 6:35 PM
    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
    • By ACG 17th Apr 18, 7:13 PM
    • 16,841 Posts
    • 8,785 Thanks
    ACG
    • #5
    • 17th Apr 18, 7:13 PM
    • #5
    • 17th Apr 18, 7:13 PM
    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
    • By enthusiasticsaver 17th Apr 18, 8:21 PM
    • 6,402 Posts
    • 13,180 Thanks
    enthusiasticsaver
    • #6
    • 17th Apr 18, 8:21 PM
    • #6
    • 17th Apr 18, 8:21 PM
    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.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • davidmcn
    • By davidmcn 17th Apr 18, 9:19 PM
    • 7,667 Posts
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    davidmcn
    • #7
    • 17th Apr 18, 9:19 PM
    • #7
    • 17th Apr 18, 9:19 PM
    You should not be using your parents debit card. It is against the terms and conditions of the account.
    Originally posted by enthusiasticsaver
    That wasn't what the OP was proposing:

    Will this cause problems if they pay using their card?
    Originally posted by Crimson11
    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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