Mortgage deposit question

goluraam · Joined: 02 May 2009 Posts: 2

Hi All,

I am saving deposit to buy a property some time in October. I have lend money to my mates and my family couple of years back and they are going to give me back in June.

Do you think lenders will have issues if they see a all-of-a-sudden deposit of 24,000 in my account that forms a major part of my deposit ?

please advise.

thanks,

Golu

konnor aiden · Joined: 14 Sep 2009 Posts: 18

A loan means the money remains your asset and will be included in your estate when you die. This may increase the amount of any inheritance tax payable. The mortgage company may not like this as the repayment would be an additional drain on her ability to pay the mortgage but as you are family they may not worry.
If it is a gift then the amount becomes a Potentially Exempt Transfer. As such it will be included in your estate if you die within seven years. After that time it becomes fully exempt and will be ignored.

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