Gift Letter - what form?

long time reader, first time poster


Looking at getting a house in the next couple of months and applying for mortgage at the moment.

Needed a little help clearing my loans so i received a gift of €15,000 from my parents.

This was deposited into my current account.

I presume the banks will want to know where this money came from when they are reviewing my bank statements.

Could someone please tell me what I will need to do.

i suppose i could get a letter from my parents stating that it was a gift.

Would this be ok?

Any suggestions on form of letter?


This is the only amount i have ever received from my parents so i dont think there are any tax implications to it.


i would greatly appreciate any feedback.

Thanks

Most lenders have their own gift letter format, best wait till you have decided which lender you are proceeding with.

Your parents need to state (to whom it may concern) the sum they have gifted to you, that it is a gift not a loan and that they will have no financial interest in the property you buy. Virginiaman is right in saying that (some) lenders have their own gift letter formats but there is no harm in having the letter done and kept with the other documents you'll need - 3 recent payslips, P60, proof of photo ID, proof of address and bank statements (6 months for a 100% mortgage, 3 months otherwise).

Sarah

www.rea.ie