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Confirmation of Mortgage form

  • 22-09-2014 9:40pm
    #1
    rumar
    Registered Users, Registered Users 2 Posts: 164 ✭✭


    After getting our loan offer from the bank our solicitor has given us a Confirmation of Mortgage form for my parents to sign. We got gifted €50k from my parents and along with our own savings we needed to borrow €175k.

    Our solicitor was unsure about the form but thinks my parents should sign it. We can't understand why. We have spent the €50k on the house already so why would my parents need to get involved. I have already given the bank a letter from my parents saying its a non refundable gift. Any advise us what to do? Surely we sign the form and not my parents?


Comments

  • #2
    ted1
    Registered Users, Registered Users 2 Posts: 23,888 ✭✭✭✭ted1


    rumar wrote: »
    After getting our loan offer from the bank our solicitor has given us a Confirmation of Mortgage form for my parents to sign. We got gifted €50k from my parents and along with our own savings we needed to borrow €175k.

    Our solicitor was unsure about the form but thinks my parents should sign it. We can't understand why. We have spent the €50k on the house already so why would my parents need to get involved. I have already given the bank a letter from my parents saying its a non refundable gift. Any advise us what to do? Surely we sign the form and not my parents?
    It's to ensure its a gift and not a loan that gas to be paid back.


  • #3
    rumar
    Registered Users, Registered Users 2 Posts: 164 ✭✭rumar


    ted1 wrote: »
    It's to ensure its a gift and not a loan that gas to be paid back.


    Thanks Ted. Just our solicitor didn't seem 100%. So its only a form that's required if someone has been gifted a certain amount?


  • #4
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    rumar wrote: »
    Thanks Ted. Just our solicitor didn't seem 100%. So its only a form that's required if someone has been gifted a certain amount?
    Is nothign to do with a certain amount it s pretty standard for any gift thats going to be put towards a house purchase.

    It is to confirm its a gift and not a loan and to also have your parents sign away any interest in said property.

    Surprised your solicitor wasnt sure its standard fare. Kind of strange and worrying he/she doesnt have experience of it ....


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