gift

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How much can you get in a gift to subs your mortgage without any questions being asked by revenue etc etc
 
Sorry I should have said is the procedure still the same as in previous postings

1. Say no legal stake in house
2. Say gift is not a loan

Are there any other questions generally asked by banks - we are going with PTSB

Thanks
 
We were told by our mortgage advisor that once a letter is given by the person giving the gift confirming that it is indeed a gift that will satisfy the bank.
 
SBW said:
How much can you get in a gift to subs your mortgage without any questions being asked by revenue etc etc
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The level of gift you can recieve (from a Revenue point of view) is dependant on who is gifting to you. Revenue have three different thresholds for different types of relationships (e.g. Type A is a gift from a parent to a child, Type B is from a child to a parent or between syblings etc.).

Lots of discussion of the CAT thresholds on AAM and full information available from the Revenue website (www.revenue.ie) [Some relevant information [broken link removed], but slightly outdated].

I'm not sure I see the relevance of your points 1 and 2.

1. If the person "gifting" you the money has a legal stake in the house, this is not a gift. It's an investment. This will have huge implications on the purchase as the bank has to take account of thier legal ownership.
2. If the gift is a loan, again, it's not a gift. Loans will be/are treated differently so it's a very different situation (One I'm not familiar with so can't comment on it tbh).
 
Sorry just re-read my post and its not clear at all

my point one and two were referring to what the letter should say?
1. it is a gift not a loan
2. The person will have no legal stake in the house

All of the above is my understanding what should be included in the letter.

Is that all banks look for - do they enquire about where the money has come from (proof) from the person who is giving it or is the letter suffice?
 
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