Deposit gift vs gifted fee payments
My partner and I have gotten our mortgage offer, we are waiting for the chain to complete and it should be soon.
We are really pushing ourselves to the limit, a decision we have accepted and are willing to sacrifice shorter term to live in our dream home.
As it stands between now and completion we are a little short. We have family who are willing to help. Our deposit comes completely from equity from our sale. A part of this is also clearing cc debt and a loan we have(rest of current equity). Now the deposit is more than covered by our equity from our sale but when fees and current dept is taken into the equation , could we simply have family pay some of this for us? Or does it class as forming a part of the deposit and then also fall within the additional paperwork that falls in with anti money laundering ect? Family can of course prove where money comes from ect. But could they just pay off one of the cc for us at this stage, if they did, would we have to go through with all the additional paperwork for them ‘gifting a deposit’?
Tia