Flexible ISA for Mortgage Deposit
Hello all,
I am currently in the process of buying a house and I am working out the best way to make use of my money pay for the deposit.
Part of the deposit will be coming from my easy access savings account. For the other part, my parents would like to help me by gifting me some money. However, I have enough money in a flexible easy access cash ISA to pay for the full deposit.
My question is - should I withdraw from my flexible easy access cash ISA and pay for the deposit myself, and then my parents can gift me the same amount of money after the purchase? In this way, we will be saving ourselves the extra fees and time required for the conveyancer to do their checks on my parents, during the purchase process.
I have already checked with my ISA provider and they said it is fine to withdraw and deposit the same amount back within this tax year, but I wanted to check if anyone has done the same or has any tips or things to look out for.
TIA