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Will paying this money to my Mum affect mortgage application?

7 replies

DancingQueen2019 · 27/05/2023 23:48

Long story short, my father sadly passed away last year and the family have all got memorial jewellery. My bill came to roughly £1000.00 for some pieces.

I have been paying my Mum £100/£250 a month starting at the end of February, so £100 end of feb, £100 end of March, then £250 at the end of April and £250 at the end of May. The bill will be paid off by end of June.

It has been done by bank transfer from my account to hers. We are going to be applying with Nationwide, we are already with Nationwide.

I am guessing we will need to give them 3 months worth of bank statements, will these payments affect the chance of getting a mortgage?

We would obviously have the proper receipts should they raise it as a query but I am just wondering if anyone has any prior experience.

Thank You

OP posts:
TimesRwo · 27/05/2023 23:52

You might be asked to explain it, but it shouldn’t make a difference.

pensionconfusion · 27/05/2023 23:55

Are you remortgaging or is it a new mortgage ?

DancingQueen2019 · 28/05/2023 01:07

@pensionconfusion sorry for not being clear, we are selling and buying on and porting our current mortgage

OP posts:
OhDoh · 28/05/2023 07:32

you will probs get asked about it. I had something like this (but for a holiday balance) they accepted the explanation.

wormshuffled · 28/05/2023 07:37

If you are asked about it could you submit more statements for the time before this started?

ArdeteiMasazxu · 28/05/2023 07:37

They will just want to know if this is an ongoing financial commitment. If it isn't then it won't affect anything.

Edwardandtubbs · 28/05/2023 07:42

My parents lent me some money for IVF which I've been paying back incredibly slowly each month over many years and the bank didn't even notice it as far as I know. They were only interested in my salary and then bills...

That said, this was 3 years ago and it has become much harder to borrow at the moment so they might be looking more closely. We are porting a mortgage soon and I'm pretty terrified of the affordability check 😬

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