Gifted deposit

angeldelight

Just wondering about a hypothetical situation... If myself and my husband were gifted money for a house deposit, would the banks give us a mortgage? We're first time buyers, have 10k deposit saved, pay rent of 1100 per month and save between 830-1000 into a few different saving accounts each month as well so I think that would show we could afford the repayments? Hypothetical as we don't have anybody to gift is the deposit, just curious really

Woshy

We inherited a chunk of our deposit but were also saving for a few years ourselves. Once the banks could see evidence of regular saving and rents payments they were satisfied and we got a mortgage with little problems.

kaki

Don't think it should be a problem as you already have evidence of regular saving.

We had some help - BOI required that we obtain a letter signed by the gift-giver to the effect that they relinquished any future claim to the house, but it was just a formality (BOI provided the template, which was signed and submitted along with the other supporting documentation - no solicitor or anything required).

jimmii

I went in last year they don't really care where you get the deposit so long as you can afford the repayments they didn't even ask where the lump sum came from.

Arciphel

Would the revenue be more interested than the bank in this case?

Ms2011

I got a mortgage on a gifted deposit, the only requirement the bank had was a letter to say tbe people who gifted the money had no vested interest in the house now or in the future.

Atlantic Dawn

Arciphel wrote: »

Would the revenue be more interested than the bank in this case?

Depends on the amount...

www.revenue.ie/en/tax/cat/thresholds.html

angeldelight

Interesting! Not that we have anybody to gift us a deposit but will keep playing the lotto