Any one approved a Mortgage with gifted deposit???

Dilly

Registered User
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5
Hi All,
Just wondering if anyone over the last while has had a mortgage approved with the deposit gifted by a family member.

Ideally we would looking to save the money ourselves but there will be another 12-18 months before we will have saved a deposit, we spent the last 2 years clearing all debt & also paid for our own wedding. I have had an offer of deposit from a family member that I wont need to pay back, I spoke to AIB who said that it doesn't matter if deposit was gifted as long as we have the repayment capacity which we can demonstrate due to the money we been putting into paying off debt & rent.

Its just a general query really, is there any point in trying to get on the property ladder now or would it better to save it ourselves???
 
Just on the gifting bit, depending on the relationship between the disponer and you and the size of the gift, you may have a tax problem.
In addition, it will diminish your tax free thresholds in this area so maybe think about it a bit more.
There are multiple ways to skin this particular cat..
I have seen wills where the loans are written off which will trigger a tax issue but its down the road.
 
Back in the day we would often check a person's deposit saving history before granting a mortgage. This is when we would grant 90% maximum loans. A lump sum in a person's account could mean a gift or more worryingly a loan from a Credit Union that would also have to be paid back on top of the mortgage. However lots of other things were taken in to account also. If you can show the statement of your wedding debt and how you paid that back that is as good as a savings history.
 
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