Are you getting help with the deposit for your new home? This article will help explain what you will need to do to ensure your move goes as smoothly as possible.
If a relative or friend is providing some or all of the deposit money to help you buy your property, you will need to provide us with all the details in our initial questionnaire, which we will provide to you after you have confirmed you want us to represent you.
We will tell you exactly what we need to know, but this will include the name and address of the person providing the deposit money to you, how much they are giving you and whether or not they want you to repay the money in future.
Once we have these details, we then have to carry out various checks. This is partly because we have obligations to your mortgage lender and partly because we have to comply with laws relating to money laundering.
We will need to check ID for your friend or family member and we may also need to see bank statements or other evidence confirming where the deposit money has come from. This is all completely normal so don’t worry if we ask for further information. It would be worthwhile making your friend or relative aware that we will be in touch – the quicker they can provide the information we need the better.
If you’re getting a mortgage, we will need to let your mortgage lender know that you’re getting a gift from them. Unfortunately, even if you’ve already told your mortgage lender directly, they still need to hear it from us before your house purchase can go ahead.