If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Gift Letter for mortgage

wclarke20 · 2011-05-09 18:55:21

I'm getting a gift letter from my parents for my self build in order to meet the mortgage criteria. I don't intend to ever use this or even move it from their a/c. I was told it wont have to be lodged into my a/c but does anybody know what a gift letter means from my parents point of view. Would/could the bank ever pursue…

09-05-2011 6:55pm

#1

wclarke20

Registered Users, Registered Users 2 Posts: 204 ✭✭

Join Date: March 2008

Posts: 169

I'm getting a gift letter from my parents for my self build in order to meet the mortgage criteria.
I don't intend to ever use this or even move it from their a/c. I was told it wont have to be lodged into my a/c but does anybody know what a gift letter means from my parents point of view.

Would/could the bank ever pursue them for the money at any stage as they agreed to gift me some money for the deposit??

thanks

0

Comments

#2 11-05-2011 2:49pm

BillieB

Registered Users, Registered Users 2 Posts: 21 ✭

Join Date: April 2011

Posts: 19

You just need to prove to the bank that its not a loan. They have to sign something to say its a gift and they wont look for it back nor will they own any interest in the property you buy. If its a loan this will effect the amount you can borrow.

0