Quick question re " gift " from parents

H

houseenvy

Guest
Please could someone answer me this.. i have looked at other threads and couldnt find the answer..

Do i have to have a gift from parents in my bank account in order to prove we are getting said gift.
Basically we have been promised a gift but we wouldnt need it until the mortgage payments actually start.
I would be paying off an existing credit union loan which the bank are aware of..

Basically all im asking is the " promise" of a gift enough for the bank ?
We have a signed letter to that effect..
 
Hi Houseenvy
It depends on the bank you are getting your mortgage from as to whether the funds need to be in your account. IIB require evidence of the funds as far as I know whereas BOI and EBS will accept a "gift letter". If the funds are not needed for the house purchase then proof of the gift may not be required. The only way to find out for definite if a letter will suffice would be to ask the bank/broker you are going through.
Best of Luck!
 
Thanks for reply MissG..

Meeting broker on Monday to discuss all we have for him..
 
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