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Mortgage deposit

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  • 17-12-2015 2:21pm
    #1
    xXLaneyXx
    Registered Users Posts: 71 ✭✭


    Hi Folks,

    I want to use my savings from the credit union for my mortgage deposit. My parents recently added in a lump sum to help me with this deposit.

    Will the bank ask to see a statement of my savings account when I'm giving over the money? And If they see this lump added in will they ask for a letter from my parents to say that the money was a gift?

    Many thanks.


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    #2
    Zebrano
    Registered Users Posts: 699 ✭✭✭Zebrano


    xXLaneyXx wrote: »
    Hi Folks,

    I want to use my savings from the credit union for my mortgage deposit. My parents recently added in a lump sum to help me with this deposit.

    Will the bank ask to see a statement of my savings account when I'm giving over the money? And If they see this lump added in will they ask for a letter from my parents to say that the money was a gift?

    Many thanks.

    Yes ans yes. They want to see long term regular savings


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    #3
    xXLaneyXx
    Registered Users Posts: 71 ✭✭xXLaneyXx


    Thanks Zebrano,

    My sister also owes me money and I was going to get her to lodge also so I'll probably need a letter from her also to show where it come from.


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    #4
    Jen44
    Registered Users Posts: 455 ✭✭Jen44


    if your sisters money isnt a large amount just put it into your current account. I recently got a large enough gift from my parents 24k and they had to sign a declaration form with an independent solicitor to state the money was a gift that they didnt want back and they had no interest or claim on the property


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    #5
    Zebrano
    Registered Users Posts: 699 ✭✭✭Zebrano


    xXLaneyXx wrote: »
    Thanks Zebrano,

    My sister also owes me money and I was going to get her to lodge also so I'll probably need a letter from her also to show where it come from.

    Yea they want every penny accounted for and they want evidence to make sure the person you got the money from has no claim to it should something go wrong. We had to provide something like 7 years savings statements to show where the money came from.


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    #6
    slogging...it
    Registered Users Posts: 60 ✭✭slogging...it


    All i can say is you will need a letter saying the money is gifted and not wanted back and they are claiming no share in the house that is what we had to do. We were gifted 90per cent of our deposit and saved the other 10 over 6months and that along with paying rent for 3years every month on time was taking as proof that we could pay. We got our mortgage approved last Nov, hope this helps.


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    #7
    Evil-p
    Registered Users Posts: 130 ✭✭Evil-p


    Zebrano wrote: »
    Yea they want every penny accounted for and they want evidence to make sure the person you got the money from has no claim to it should something go wrong. We had to provide something like 7 years savings statements to show where the money came from.

    Not my experience at all. We had only been saving for 4 months when we got our mortgage. BUT we did have 5 years of rent payments and they considered that proof enough of ability to repay.


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    #8
    Zebrano
    Registered Users Posts: 699 ✭✭✭Zebrano


    Evil-p wrote: »
    Not my experience at all. We had only been saving for 4 months when we got our mortgage. BUT we did have 5 years of rent payments and they considered that proof enough of ability to repay.

    Yea they take rent as ability to pay but if you have a lump sum of savings they want proof of where it came from is what im saying.


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