Gifted Deposit

It can sometimes be difficult to raise the funds you would need to put down a deposit for a property, with most lenders requiring a minimum of 5-10% deposit for a property purchase, depending on the overall value of the property you are hoping to buy, this can often end up being a considerable sum of money. So getting some help from a friend or family member could be difference between you getting your perfect home.

Some lenders will not accept a gifted deposit, so you need to upfront from the start of your mortgage application if you are intending to use one. Most lenders are happy to accept a gifted deposit if it has come from a close friend, but preferably they would want it to come from a family member i.e. parent, grandparent or a sibling.

It may also be possible to obtain a gifted deposit from a house builder or property developer, typically these are offered as a selling incentive from new build property developers, whereby the property is sold to you at a discounted rate (usually between 5-10% of the full asking price). It is not always a sure thing that a property developer will provide a gifted deposit however and some might not offer them at all, so it is always best to ask the question first and manage your expectations.