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Deposit for first time buyers

  • 07-03-2017 9:46am
    #1
    [Deleted User]
    Posts: 0 ✭✭


    My friend and his wife are applying for a mortgage as FTBs, they both have some money put away for the deposit, she saved her's over the years, he received his in a claim and gave it to his parents to keep till ready to buy a house.
    how should he disclose this money during the mortgage application, it's still in his parents account, is there any risk in just being honest about how he came into the money and why his parents have been safe keeping it?


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    When assessing you for a mortgage lender will look at affordability and you are expected to provide evidence of stressed repayments saved and/or paid in rent over the last 6 months. This is a requirement despite the fact that you may have a large deposit.

    Regarding your claim it is best to be honest so you will need to provide evidence of claim and showing payment going into your parents account.

    Lenders always require a paper trail of all large transactions so if you do not have the paperwork your Solicitor that acted for you should have a copy.
    Best of luck with your mortgage application.
    Trish


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