What is a Gifted Deposit Mortgage?
Gifted Deposit Mortgage Advice
In terms of gifted deposits, here are the answers to a few commonly asked questions;
Who can gift the deposit?
It tends to be “Bank of Mum and Dad” that gifts the deposit to the applicant and this is acceptable to most Lenders. In addition, your Mortgage Broker and Lender/Solicitor will be required to see evidence of the build-up of funds and also identification.
Can it be a loan rather than a gift?
In almost all circumstances it needs to be a gift and the donor will sign a letter to confirm the funds are non-refundable. They will not put a “charge” on the property you are buying. Be careful though, taking out a personal loan just before applying for a mortgage will probably have a downward effect on your credit score. This could lead to a mortgage application being rejected. Also, the monthly payments for the loan will have to be taken into account by the mortgage lender for affordability.
How much can be gifted?
There isn’t a maximum limit on the amount of gift you can receive.
Mortgage Brokerage Services On Offer
We offer a whole host of services. The best thing to do is to get in touch with us with your individual needs and we can advise you on the next steps. But here are just a select few services we have on offer…
- Advice for first-time buyers
- Advice if you are interested in the help to buy scheme
- Right to Buy mortgage advice
- Advice on remortgaging and getting a better deal
- Mortgage advice for home movers
- Advice for Buy to Let or Let to Buy mortgages
- Advice if you have poor credit or past money issues
- Specialist mortgage advice
- Advice for the self-employed
Take a look around the website and when you’re ready to proceed just give us a call, send us an email or if it’s more convenient drop us a text.
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