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  1. #1

    Deposit for house.. can it affect my mortgage?

    I am in the process of just going to reserve a plot on a new build that has become available. Using the Help
    To Buy the deposit I need to pay is 11,250. Around 6 months ago once I had saved 4000 I transferred this to a family member for her to keep safe for me (so I wasn’t tempted to dip into it) and I now need this transferred back to make my total savings in my bank 11,250, enough for the deposit.

    I never thought that my family member transferring me
    This money back would be a problem, but reading some posts on here, could it affect my ability to get a mortgage if they see the money transferred back into my account- will they question it? If so, how do I get around this?

    I should add I have an agreement in principle already.

  2. #2
    I'd imagine providing proof of the original transfer to your relative would be sufficient for the lender to see that it's not a gifted deposit. Failing that, the relative could just sign it off as gifted deposit and that it's not required to be paid back. Either way I'm not sure it's much to worry about.

  3. #3
    Simply provide the evidence of the transfer that you made 6 months ago to prove the fact that it is yours. Straightforward enough.

  4. #4
    Either way you can get them to sign to say the 4000 they sent you back is a gift and they will not want it returned (if you cant get proof of transfers etc)

    My father passed away and left my mum some money, she gave me 25k from inheritance to put as a deposit for my house.

    She just signed to say it was gifted and it will legally be mine and she cant have it back basically


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