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Mortgage Query - Gifted Money

  • 06-07-2021 11:30am
    #1
    Roxy6
    Registered Users, Registered Users 2 Posts: 3 ✭


    Hi,

    I have a query about gifted money when applying for mortgage.

    Myself and my partner are building. I am going for the mortgage alone and have approval in principal from EBS. My parents signed a gift letter of €65,000 to make up the shortfall and can transfer the money to me if EBS require this.

    However, we dont need this money to finish the house as my partner recently sold his house but the bank wouldnt accept the money being gifted by him due to tax implications because we are not married yet.

    My question is, will EBS look for evidence that the money has been transferred by my parents or will the gift letter suffice. They can transfer the money if needed but I would prefer if they didn't have to. Also if it is transferred it wont be used so will this cause any issue with the bank i.e. will they look for bank statements before drawdown and question why the money wasnt used so far?

    Any info would be appreciated. TIA
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