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@.

    • Shammey
    • By Shammey 12th May 18, 10:48 AM
    • 2Posts
    • 1Thanks
    Gifted deposit
    • #1
    • 12th May 18, 10:48 AM
    Gifted deposit 12th May 18 at 10:48 AM
    Hi. We have recently had a mortgage offer from Natwest through a mortgage advisor.
    We have a decent deposit, the money was given to us from a family member 5 months ago and we have decided to use it for a deposit on a house. We didnít realise that a gifted deposit has to be declared and donít remember being asked by the mortgage advisor where it came from or if we did because it wasnít given to us to use for a deposit there and then we just didnít realise. Solicitors now want a letter saying who it was gifted from and that they donít have an interest in the property, we now have this but we havenít advised the lender. The mortgage advisor is saying it shouldnít be a problem but he needs to get back onto Natwest. We have passed on this letter and will sort with Natwest before we provide anything to the solicitor so that they arenít advised by them. We are now really worried that our mortgage offer may be retracted/declined and we will have to go through the process again. Does anyone know if this is likely to happen?
Page 1
    • Thrugelmir
    • By Thrugelmir 12th May 18, 11:04 AM
    • 58,454 Posts
    • 51,834 Thanks
    • #2
    • 12th May 18, 11:04 AM
    • #2
    • 12th May 18, 11:04 AM
    Gifted deposits aren't normally a problem. Providing they meet the lenders criteria and the solicitor is happy with the source of the funds.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Shammey
    • By Shammey 12th May 18, 11:10 AM
    • 2 Posts
    • 1 Thanks
    • #3
    • 12th May 18, 11:10 AM
    • #3
    • 12th May 18, 11:10 AM
    Thank you. I think the gifted deposit will be ok, just the fact that we havenít declared it before the mortgage offer. It was a genuine overlook as we were just completely unaware.
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

2,641Posts Today

7,284Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line?

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin