My mum has gifted me money over 10 years to use as I please eg through sharing inheritance money, graduation gifts etc. No single gift has ever exceeded £3000 tax-free gift allowance. I saved it, and chosen to use it for a house deposit.
When applying for a mortgage I stated that the deposit money was coming from my own funds, as this is what I considered my savings to be, and not a gift deposit as my mum never gave the money to be used as a house deposit, which is what I understood 'gift deposit' to mean.
When signing some documents with the conveyancy solicitor today, he asked me whether any money for the deposit had come from anyone else, eg a parent, so I said yes, some of it has come from my mum. He said in that case I had a 'gifted deposit' and he would need to inform my mortgage lender.
He asked me why I had said 'no' to the gifted deposit question on the mortgage application form, so I explained I must have misunderstood what it meant, as I thought he was telling me that if the money had ever originated from another person, then it is a gifted deposit. I didn't explain it had been gifted and saved over many years and not for the purpose of a deposit.
I spoke afterwards to my mortgage broker and clarified how I had acquired the money, and he explained it doesn't count as a gifted deposit.
I can't find much clarification online, and I have 2 different professionals telling me 2 different things. Can anyone confirm whether or not I have a gifted deposit?
Read more: What is and what is not a gifted house deposit?
