Do you need a Gifted Deposit Mortgage?

If you are looking to buy a property and you don’t have the means to fund a deposit you may be eligible for a gifted deposit mortgage.

What is a Gifted Deposit Mortgage?

Gifted deposit mortgages are specialist mortgages designed to help people who do not have the money to finance a cash deposit. Instead, the property buyer will obtain the funds required for the deposit through a means other than their own savings.

This can be in the form of a gift from a family member or friend, or via a discount from the true market value of the property being purchased.

If the gifted deposit is in the form of a discount, the lender must be made aware of this and must approve of the situation and the borrower will need to use a gifted deposit mortgage.

How can I apply for a Gifted Deposit Mortgage?

By submitting your details through the online form you can and speak to a specialist mortgage broker in your area who will be able to offer expert advice on gifted deposit mortgages.