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Mortgage Gift letter

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  • 11-12-2020 12:25pm
    #1
    cb123
    Registered Users Posts: 191 ✭✭


    Currently gathering the documentation to apply for a mortgage in the new year.

    Regarding lump sum gifts, I was lucky to be gifted money by my mother and a family friend (separate occasions)

    The family friend money went into it's own account at the start of the year, and hasn't been touched. I presume I will need a gift letter, or does the fact that it's been 'resting in my account' confirm it doesn't need to be paid back?

    The money my mother gave me is a little more complicated, it got added to my savings (which I have ended up using as a deposit savings account) a while back and I used it along with my own funds to pay back debt - would this be considered a gift towards my deposit?

    There's no issue getting a letter from either, I'm just curious.


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    #2
    G_R
    Moderators, Education Moderators Posts: 5,025 Mod ✭✭✭✭G_R


    cb123 wrote: »
    Currently gathering the documentation to apply for a mortgage in the new year.

    Regarding lump sum gifts, I was lucky to be gifted money by my mother and a family friend (separate occasions)

    The family friend money went into it's own account at the start of the year, and hasn't been touched. I presume I will need a gift letter, or does the fact that it's been 'resting in my account' confirm it doesn't need to be paid back?

    The money my mother gave me is a little more complicated, it got added to my savings (which I have ended up using as a deposit savings account) a while back and I used it along with my own funds to pay back debt - would this be considered a gift towards my deposit?

    There's no issue getting a letter from either, I'm just curious.

    You will need a letter from each (the bank will provide a template).

    Its to confirm neither has any interest in the property you're looking to purachse and that the gift was actually a gift and you don't have to start paying it back once you draw down the loan.


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    #3
    cb123
    Registered Users Posts: 191 ✭✭cb123


    G_R wrote: »
    You will need a letter from each (the bank will provide a template).

    Its to confirm neither has any interest in the property you're looking to purachse and that the gift was actually a gift and you don't have to start paying it back once you draw down the loan.

    Cheers for the reply. I'll let them know 🙂


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