Changing source of mortgage deposit

[s p a c e m a n]

I'm currently in the final stages of buying my first property, £160k from Nationwide and a £20k deposit. 4 months ago when I was applying for the mortgage with my broker the plan was to sell a car to make up the £20k so we put it down as savings, I would now like to use a non repayable gift for the deposit. Are Nationwide going to tell me to bugger off because I've changed the terms?

My broker isn't the best in the world and I'm expecting a call from the solicitors on Tuesday so I figured that I would gather an opinion from here as to whether it's all about to fall apart around me or not.

[rustfalia]

I am in a similar situation but changing from funding the whole thing from my savings to having some of it gifted.

A letter from whoever was giving me the gift and proof of their ID and proof of the source of the funds was needed.

[Burgmeister]

The lender will only care if you're raising debt to fund a deposit, so no they won't care and frankly I wouldn't even bother adjusting what you've already told them.

[Sarnie]

s p a c e m a n said:

I'm currently in the final stages of buying my first property, £160k from Nationwide and a £20k deposit. 4 months ago when I was applying for the mortgage with my broker the plan was to sell a car to make up the £20k so we put it down as savings, I would now like to use a non repayable gift for the deposit. Are Nationwide going to tell me to bugger off because I've changed the terms?

My broker isn't the best in the world and I'm expecting a call from the solicitors on Tuesday so I figured that I would gather an opinion from here as to whether it's all about to fall apart around me or not.

It would only be a problem if the source of deposit was now going to be something unacceptable to the lender, which a family gifted deposit isn't.

Expect them to ask for a letter from the person gifting the funds to say it's not a loan, will have no interest or security over the property.........probably will want their ID and proof of the funds in a UK bank account...........expect the solicitor to want the same......

[s p a c e m a n]

That's great thank you, you've all put my mind to rest. Yes, the reason for me asking is that one of the forms that I have left to send to the solicitors asks for proof of the origins of the deposit if ' The account doesn't show a gradual accumulation of savings', mine just shows a £20k deposit from a personal account a few days ago