Published 2 August 2012 · Last reviewed 29 January 2020 · Older article — see current rates
How we can help with gifted deposit Mortgages
- Give you advice around lenders criteria and family gifted deposits
- Who can make a gift and how it can be made
- Overseas gifts and money laundering rules
- Gifted equities – meaning actual % of property is going to be gifted
- Builder incentives and discounts
- Advice around template letters for gifts and access to our own bespoke archive
- Non-family member gifts such as friends and distant relatives
Generally the gift must come from a close relative this means it needs to come from a parent or sibling i.e. mother, father brother or sister. We also are able to include deposits from extended family but the rules behind this are quiet rigid and restrictive. Gifted deposits from friends are also a subject that we have a great deal of expertise in.
The gift must be a ‘genuine gift’ requiring confirmation that is not to be repaid at any point or indeed a charge placed on the property.
At Niche Advice we specialise in dealing with mortgages that are partly funded by a gifted deposits and how expertise in dealing with this matter. We will ensure that the documentation is positioned to a lender in a very precise and professional manner to ensure it satisfies their requirements.
As you will see from the sheer amount of bullet points around gifted deposits and mortgages this subject is very complex and we urge you to seek professional advice before looking to obtain a mortgage.