Gifted Deposit FAQ's

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, this is often seen in the cases of First Time Buyers and this is acceptable to most Lenders and can help indivduals who are even Self-Employed. 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 and possibly cause future mortgage problems. 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.

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