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Mortgage g

(8 Posts)
helphelp777 Mon 06-Nov-17 19:04:50


Cut it short, applied for a mortgage and was being totally honest with the bank

We was give no some money as a repayment for our wedding over a year ago. Parents wanted us to save up, and they suprised us buy repaying for it.

Applying for mortgage and we put it down as a gift. (Mistake).

The problem is our solicitor wants us to get them to prove the money is in their account (not ours where it has been ever since) and provide bank statements for exchange date proof or funds.

They won’t understand it’s been there and not going anywhere u til exchange

Has anyone dealt with this before?

Heratnumber7 Mon 06-Nov-17 19:10:37

I don’t understand. Parents paid towards your wedding but mortgage company want you to prove money is in your parents account?

Is it something to do with having to declare cash giver for tax purposes?

SwedishEdith Mon 06-Nov-17 19:16:33

Is their money key to you getting a mortgage? Can you not get it transferred to your bank account?

Sunseed Mon 06-Nov-17 19:20:44

So it's not a gift, it's just your accumulated savings then? In which case you have bank statements to show the accumulation to satisfy proof of funds and their origin (for anti money-laundering checks)?

helphelp777 Tue 07-Nov-17 16:22:10

hi, all the money has been in our account since last year (2016)
we have sent them statements and the transacation details from parents to me, to savings account. which they say is fine
but they are still asking for a statement from my parents?

Smarshian Tue 07-Nov-17 16:23:49

They will need to see where the money came from (i.e. Your parents account in 2016) it's for money laundering reasons

Heratnumber7 Tue 07-Nov-17 23:07:15

That ^

CotswoldStrife Tue 07-Nov-17 23:10:43

YY to what Smarshian said, your parents will need to prove where the money came from. You'd have to do the same if it was your money tbh, and they'll probably need to complete a form that says the money is a gift with no expectation of repayment or a share in the house (unless they do want a share in the house).

The paperwork needed for the financial side was a right pain when we bought a house a few years back, I was surprised at how much proof is needed. But it's the same for everyone.

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