How to Gift a Deposit
Grandparents and parents are you wishing to help your loved ones buy their first home?
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Options of how to gift a deposit:
- Equity Release: for homeowners who do not want to downsize and are aged 55 or over. Equity built-up through the rising of your property can be released and then gifted while still being able to live in your property
- Downsizing: this is a way of releasing equity, if you wish to reside in a smaller premises.
Savings: Using some but not all of your savings may be a way to help a loved one get on the property ladder as a first-time buyer. Remember to put your financial health first though, never give what you cannot afford to lose!