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You are here: Home / Mortgages / Getting a Mortgage with a family gifted deposit

by Payam Azadi

Getting a Mortgage with a family gifted deposit

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

Mortgages upGenerally 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.

For more information on our range of mortgages and products and services please call us on 020 7993 2044 all alternatively complete the enquiry form which can be seen on the right-hand side of this page.

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Payam Azadi

Author: Payam Azadi

Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
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Filed Under: Gifted Deposits, Mortgages Tagged With: deposit from father, deposit from mother, family can make a gifted deposit, family gifted deposit, gifting a mortgage deposit, helping children to buy a home, How much can a gifted deposit be of the actual deposit amount, parents to give mortgage deposit, Which lenders accept ‘gifted deposits

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AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Niche Advice Limited is a Credit Broker and does not lend money directly to clients. Niche Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA Number: 750263.

Commercial Buy-to-Let and commercial mortgages are not regulated by the Financial Conduct Authority.

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If you wish to register a complaint, please write to us on the details below or call us on: 020 7993 2044.

Correspondence Address: Niche, Unit F6, The Addington Business Centre, Vulcan Way, New Addington, Surrey CR0 9UG.

A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234567.

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Tel: 020 7993 2044

Registered Office: Niche, Unit F3, The Addington Business Centre, Vulcan Way, New Addington, Surrey CR0 9UG. Registered in England & Wales. Company registration number: 06599033.

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