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  #1  
Old 28-04-2010, 10:00 PM
Kitekat Kitekat is offline
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Default Gift letter from parents for deposit

Hi,

I've applied for a mortgage. I am short about 4,000 for the deposit and the bank are asking where I will get this. i said that my parents will be helping me out and the bank have said they will need a gift letter. Has anyone else handed in one of these. If so, what does it involve. Do they simply write a letter for you or do they have to give their bank account details?
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Old 28-04-2010, 10:09 PM
mathepac mathepac is offline
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This worked for my daughter and her partner five years ago - no other documentation was requested by the lender.

RE: Ms. Mathepac (jnr) and Named Partner



To Whom It May Concern,

I confirm that I made a non-refundable gift of 30,000, thirty thousand euro, to the above named as a deposit for house purchase.


Yours Sincerely,


Mathepac.
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Old 29-04-2010, 09:58 AM
LDFerguson LDFerguson is offline
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Quote:
Originally Posted by Kitekat View Post
Hi,

I've applied for a mortgage. I am short about 4,000 for the deposit and the bank are asking where I will get this. i said that my parents will be helping me out and the bank have said they will need a gift letter. Has anyone else handed in one of these. If so, what does it involve. Do they simply write a letter for you or do they have to give their bank account details?
It's generally just a letter from your parents confirming that they are giving you an unconditional gift, that they don't expect repayment and that they will have no financial interest in the property. Your own lender should be able to give you a suitable draft wording.
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Old 29-04-2010, 10:48 AM
Mad Bad Babs Mad Bad Babs is offline
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I got a gift from my parents 6 years ago for part deposit also. (approx €12,000)The letter written was similar to above posters. The bank PTSB also requested proof that the money has been lodged to my account. So when my parents lodged the money into my account i had to produce a mini statement to prove it had been lodged.
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Old 29-04-2010, 10:55 AM
fizzelina fizzelina is offline
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I gave a similar gift letter as part of my mortgage application - it said the same as what LD states and my broker gave me the template wording. I didn't need to show the money lodged to the account though.
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