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Gifted Deposit Mortgage Advice

Gifted Deposit Mortgage Advice

Struggling to save a deposit for a house? You might be considering getting a gift from a family member or friend to help you get on the property ladder. We’ve got you covered with Gifted Deposit Mortgage Advice to guide you through the process. Speak with one of our experienced mortgage advisers today to understand how gifted deposits work and which lenders are suitable for your situation. We’re here to support you every step of the way.

Gifted Deposit mortgage advice

How does a Gifted Deposit mortgage work?

In order to access a mortgage, you will need to have saved a deposit to put down on your home. The larger deposit you have, the more property you can potentially buy. You will also have access to lower rates if you have a larger deposit. This is because you will have what is called a lower loan to value.

It can be a struggle to save for a deposit which is why many look to family or friends to help them. This is where a gifted deposit can be useful.

These are the things you need to know if you are considering a Gifted Deposit Mortgage:

  • The money must be a gift and cannot be a loan
  • The person gifting you the deposit must write a letter stating that it is a gift. This is called a gifted deposit letter.
  • As part of money laundering regulations, the person gifting you the deposit must be able to evidence the source of the money
  • Usually, there is no limited to the amount of money someone can gift to you
  • Often, the person gifting the deposit to you is a family member, but it can also come from someone like a god parent or even a friend.
  • They can gift you the whole deposit or part of it if you have savings to contribute
  • There may be inheritance tax implications for the person gifting you the deposit. So it might be worth them speaking to a financial adviser first.

There are other options available other than a gifted deposit that you might want to consider. You might also want to look at Shared Ownership mortgages, JBSP mortgages and the Forces Help to Buy Scheme.

At Your Mortgage Expert, we can talk you through all the options available and help you decide what is the most appropriate mortgage for your circumstances.

Speak to one of our experienced mortgage brokers today for Gifted Deposit Mortgage Advice.

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Our small, friendly team is based in the heart of Salisbury, Wiltshire. But we can help you no matter where you live in the UK. Sometimes it’s nice to put a name to a face. So if you want to find out more about us, visit our Meet the Team page.

Our team has:

  • Over 80 years of experience in the mortgage and protection industry
  • All members of our customer facing team have mortgage qualifications
  • We have over 100 five-star reviews on Google
  • Have helped hundreds of First Time Buyers get the home of their dreams

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  • Dan Allen mortgage adviser

    Dan Allen - Mortgage Adviser

    Dan Allen has worked with mortgages for over 10 years. He takes time to understand different lender criteria. His wealth of knowledge means he will know which lenders will work for you situation.
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  • Dan Harris mortgage adviser photo

    Dan Harris - Mortgage Adviser

    Dan Harris first started working in mortgages in 2004. Since then, he has helped lots of First Time Buyers. Dan has great attention to detail and will do the hard work to ensure you get the best recommendation.
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