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14-07-2016, 10:10   #1516
mirrorwall14
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Turns out Haven and EBS underwriting are on the same floor of a building. We should get a decision from both by tomorrow. We had to write a personal statement about how I would pay the mortgage on my own should the worst happen. Took ages yesterday evening. Now we wait again
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14-07-2016, 10:49   #1517
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Best of luck mirrorwall14!
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14-07-2016, 11:15   #1518
 
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Best of luck Mirrorwall, really hope it works out for you.
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14-07-2016, 11:16   #1519
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Thanks guys, helping me stay sane!
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14-07-2016, 11:51   #1520
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Also a bit of a no-brainer but make sure to go variable rate any folks that are applying now.

I made the mistake of going fixed for 3 years a rate of 3.7%. Looks like it's down to 3.4% now on variable and the government is pushing the banks to further deceases.
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14-07-2016, 12:40   #1521
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Quote:
Originally Posted by RoyalMarine View Post
Hi all,

My parents have given me my inheritance early towards a deposit on a house.

We have 5k ourselves, and they have given us 25 plus 5 for fee's etc.

We're both long time with AIB, and have opened a mortgage application.

We haven't received the funds from my parents yet, however they are happy to provide any proof or letter to the bank. (they are also with AIB).

Does anyone know the best process for them to give us the money, and for us to document it to the bank?

Thanks in advance!
As others have said you will need to get a letter from your parents to confirm its a gift not a loan but aside form that and contrary to the poster I have quoted just below its actually better from a tax perspective to receive the money in the form of a gift rather than an inheritance. You have the same 280k tax free allowance, i.e. you can receive 280k from your parents with out paying any tax however you can also receive 3k each tax free from each of your parents under the yearly small gifts exemption.

Therefore if your parents give you and your wife/partner 25k gift you will only actually reduce your lifetime parent to child threshold by 13k and will still have 267k of threshold left. If it were an inheritance to you would have to take the full 25k from the lifetime threshold.

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Originally Posted by Zenify View Post
Unfortunately revenue do not see this as an early inheritance... make sure you pay the tax liability with any gifts as banks are red flagging it to Revenue.
See above you are actually better of gifting than inheriting from a tax perspective. In fact as the amount is so low in relation to the threshold (25k vs 280k) revenue don't even need to be informed.

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Originally Posted by elainep13 View Post
Yes that is correct, it is a life time limit for gifts and inheritance less the yearly small gift allowance 3k
As I mentioned above its actually much better than 3k in this scenario. its two people gifting money to two people this means they can receive 12k tax free under the small gift exemption.

Last edited by nox001; 14-07-2016 at 14:49.
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14-07-2016, 13:10   #1522
 
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Quote:
Originally Posted by Irish_rat View Post
Also a bit of a no-brainer but make sure to go variable rate any folks that are applying now.

I made the mistake of going fixed for 3 years a rate of 3.7%. Looks like it's down to 3.4% now on variable and the government is pushing the banks to further deceases.
This would depend on the bank you're with, yes?
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14-07-2016, 17:46   #1523
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Cheque should be at our solicitors office tomorrow!! All we need is to get our engineer to sign off on our snag list and then it's key time
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14-07-2016, 20:26   #1524
Irish_rat
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Cheque should be at our solicitors office tomorrow!! All we need is to get our engineer to sign off on our snag list and then it's key time
Nice one! So funds were released today? I think it only takes a day if solicitor is with the bank you're getting the mortgage with.

Hopefully I'll get news tomorrow and have the keys.
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14-07-2016, 20:28   #1525
Irish_rat
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This would depend on the bank you're with, yes?
Yep a mate of mine is on 4.2% for 3 years with BOI which is even worse.
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14-07-2016, 20:33   #1526
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Nice one! So funds were released today? I think it only takes a day if solicitor is with the bank you're getting the mortgage with.

Hopefully I'll get news tomorrow and have the keys.
Now that's something I'm not sure about but it'll be there by Monday if she isn't with BOI.
Ah yeah hopefully you can celebrate over the weekend.
I'm hoping everything is wrapped by this day week so that I can get really started. Have 2.5 weeks holidays starting Saturday.
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14-07-2016, 20:43   #1527
68 lost souls
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Quote:
Originally Posted by RoyalMarine View Post
Hi all,

My parents have given me my inheritance early towards a deposit on a house.

We have 5k ourselves, and they have given us 25 plus 5 for fee's etc.

We're both long time with AIB, and have opened a mortgage application.

We haven't received the funds from my parents yet, however they are happy to provide any proof or letter to the bank. (they are also with AIB).

Does anyone know the best process for them to give us the money, and for us to document it to the bank?

Thanks in advance!
3k per year can be given as a gift and not effect the life time inheritance tax as far as I am are so if they were to gift you 3k this year and your OH 3k then the same next year that's 12k that doesn't effect your life time engeritance tax which will be effected by a 25k lump sum.

Or I believe that is the case.

We have been given a generic letter to fill out from all banks to show a proof of a gift and not a loan. Hasn't been an issue so far
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14-07-2016, 21:06   #1528
Irish_rat
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Now that's something I'm not sure about but it'll be there by Monday if she isn't with BOI.
Ah yeah hopefully you can celebrate over the weekend.
I'm hoping everything is wrapped by this day week so that I can get really started. Have 2.5 weeks holidays starting Saturday.
Nice one! I've 3 weeks holidays starting next Wednesday. My closing date was today so I did cut it tight enough! My lease is finished this weekend, timed it well
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14-07-2016, 21:34   #1529
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[quote="Irish_rat;100358904"]Nice one! I've 3 weeks holidays starting next Wednesday. My closing date was today so I did cut it tight enough! My lease is finished this weekend, timed it well[/quote

That's great. You'll get loads done.
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14-07-2016, 21:39   #1530
nox001
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Quote:
Originally Posted by 68 lost souls View Post
3k per year can be given as a gift and not effect the life time inheritance tax as far as I am are so if they were to gift you 3k this year and your OH 3k then the same next year that's 12k that doesn't effect your life time engeritance tax which will be effected by a 25k lump sum.

Or I believe that is the case.

We have been given a generic letter to fill out from all banks to show a proof of a gift and not a loan. Hasn't been an issue so far
They can gift 12k in one year. Parents joint account to the poster and his wife/gfs joint account and it's 12k tax free in one transaction without touching lifetime parent to child threashold. This can be done every year.

Last edited by nox001; 14-07-2016 at 21:48.
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