buying a house and getting gift from parents

[oaky9]

i have bought a house for 315k and am a first time buyer and have 30k in savings so have to borrow 295k. My dad has a good job and said he would give me 50k after the first year towards my mortgage. Can this be treated as a gift to me, i have read that parents can gift me 500k max . So can i keep taking gifts off my mortgage without any implications .. from my parents .

 

[MonkeyFeet]

oaky9
I'm not sure about receiving a gift after you have taken out the mortgage, surely it would work as the same as a standard cash gift.

But if your parents give a gift towards the deposit, they need to sign a document to confirm that they have no financial interest in your property

 

[asdfg]

So can i keep taking gifts off my mortgage without any implications .. from my parents .

Don't see why not. Provided the gift is legal and above board i.e all taxes have been paid there should not be any problems.

You should note that anything received now as a gift will be added to your eventual inheritance The treshhold (currently approx 500K) will then be deducted with the balance taxed at 20%

Also if the total gifts are greater than 80% of the treshhold approx 397K you have to advise revenue within 4 months of breaking the 80% ceiling.
I know, in this instance the 80% rule will not be broken but just keep it in mind