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    • markfj
    • By markfj 12th Oct 18, 10:43 PM
    • 508Posts
    • 167Thanks
    markfj
    Gifted deposit loan question
    • #1
    • 12th Oct 18, 10:43 PM
    Gifted deposit loan question 12th Oct 18 at 10:43 PM
    Hi.

    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 ?

    Thanks
    Last edited by markfj; 12-10-2018 at 10:50 PM.
Page 1
    • Thrugelmir
    • By Thrugelmir 12th Oct 18, 11:07 PM
    • 63,194 Posts
    • 56,070 Thanks
    Thrugelmir
    • #2
    • 12th Oct 18, 11:07 PM
    • #2
    • 12th Oct 18, 11:07 PM
    The obvious assumption by an underwriter is that you'll be funding the loans.
    “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
    • scotgal30
    • By scotgal30 13th Oct 18, 9:25 PM
    • 71 Posts
    • 35 Thanks
    scotgal30
    • #3
    • 13th Oct 18, 9:25 PM
    • #3
    • 13th Oct 18, 9:25 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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