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Mortgage and Gift Money

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  • 23-05-2023 4:50pm
    #1
    Mimonew
    Registered Users Posts: 10 ✭


    Hello,

    I hope I am posting on the relevant topic. Please pardon me if I'm posting in the wrong topics areas as I was not able to find a specific mortgage thread.


    I was to ask about mortgage borrowing and gift money. If the property price is 15k more than the sum of (mortgage borrowing and the 10% deposit). I learned that this money gap can be covered by gift money from a family. So, if I go with this option, I will have the property price covered by the sum of (mortgage, gift, and deposit). My question is when the drawdown happens, would the builder take the 10% deposit and 15k since they are in my account or it will only take the deposit and be assured that I have the 15k also in my account?


    I really appreciate your answer and experience here.


    Thanks alot.

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