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    • markfj
    • By markfj 12th Oct 18, 11:43 PM
    • 499Posts
    • 167Thanks
    Gifted deposit loan question
    • #1
    • 12th Oct 18, 11:43 PM
    Gifted deposit loan question 12th Oct 18 at 11:43 PM

    Just a quick question please

    I am hoping to buy a house with my partner,

    My brother and mum have both taken out a loan to help with the deposit needed .

    They are willing to fill in the form that its a gift and not a loan and they have no interest financially in the house.

    The broker wants all the details of the gifters and to see their bank statement for a month, which makes sense

    I'm just abit concerned that they may not lend based on seeing the 2 loans which is part of the deposit (they are giving me money they have saved too)

    I am trying to do everything by the book, I just wondered if it's not A loan in my name and they confirm there's no financial interest from them in the house if that's acceptable ?

    Last edited by markfj; 12-10-2018 at 11:50 PM.
Page 1
    • Thrugelmir
    • By Thrugelmir 13th Oct 18, 12:07 AM
    • 62,101 Posts
    • 55,286 Thanks
    • #2
    • 13th Oct 18, 12:07 AM
    • #2
    • 13th Oct 18, 12:07 AM
    The obvious assumption by an underwriter is that you'll be funding the loans.
    "You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets." - Peter Lynch
    • scotgal30
    • By scotgal30 13th Oct 18, 10:25 PM
    • 70 Posts
    • 34 Thanks
    • #3
    • 13th Oct 18, 10:25 PM
    • #3
    • 13th Oct 18, 10:25 PM
    I didn't think the underwriters look at the bank accounts of those gifting you the deposit - it is only the broker who does this to check there is no money laundering - our mortgage company did not see statements of those gifted to us.

    How much is being 'gifted'?
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