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Savings and preparing for a mortgage

  • 21-09-2020 9:40pm
    #1
    LankyLad91
    Registered Users, Registered Users 2 Posts: 1 ✭


    Currently looking into the process of going for a mortgage and one of my biggest concerns is that savings I saved (10K-ish) when I was 18/19 years of age are in a joint post office account under my and my mothers name. Would it be in my best interest to get that into my name? Or would having her name on the account have a hinderance on showing it as my savings or mortgage deposit when going to the bank? Would it better to get it put into my name, even though I haven't deposited into it my self in nearly 10 years or so? Also, regarding potentially having it given to me as a gift, would I have to pay tax on it? I read that it would be about 33% on 3k , but also read that their is an upper limit of 320k without having to pay tax.


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 14,039 ✭✭✭✭Geuze


    I think the bank would like to see all savings in your name, otherwise too messy.


    A child can receive up to 325-335k tax free from a parent, it's a lifetime allowance.


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