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  • FIRST POST
    • Shammey
    • By Shammey 12th May 18, 10:48 AM
    • 2Posts
    • 1Thanks
    Shammey
    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?
    Thanks
Page 1
    • Thrugelmir
    • By Thrugelmir 12th May 18, 11:04 AM
    • 61,360 Posts
    • 54,609 Thanks
    Thrugelmir
    • #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
    Shammey
    • #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.
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