gifted deposit mtge

How do Gifted Deposits work when getting a Mortgage?

Most mortgage lenders are happy to accept gifted deposits from a family member.  However, there are a few lenders that will block who the money can be gifted by.  The best thing you can do is seek our advice to have a better of idea of how to use a gifted deposit.

What will a mortgage lender need from you when using a gifted deposit?

Title and full name of person(s) providing the gift

Relationship to you

The gift amounts

Country of origin

Confirmation of whether the gift is non-refundable

It’s important to note that a lender will be making sure that the following does not apply:

  • Confirmation that the person(s) providing the gift is not the present owner of the property being purchased.
  • Confirmation that the person(s) providing the gift, will not be living in the property on or after the completion and will not retain any legal interest in the property being purchased (including taking a second charge).

** if a member of the family gifting the deposit is already living in the property to be bought by the other person, or the purchaser is a tenant already living in the property, special rules apply. Under these circumstances the lender will need to be made aware of the arrangements and be comfortable with the living situation **

For more information just reach out


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