Gifted Deposits - An Essential Guide

Caz Blake-Symes • July 15, 2019

Let Bristol Mortgages Online give you Expert Advice

A gifted deposit is a sum of money that is typically given by a family member forming all or part of a deposit for somebody wanting to buy a property. It is possible for friends to gift money to enable someone to buy a property but is less favourable for lenders.

There are some points to consider


  • The person gifting the money should seek independent legal advice to understand they will have no interest in the property and no right to get their money back.
  • It is possible to loan money to family and have it repaid on sale of the property i.e. take a legal charge over the property. Again, seeking independent legal advice is a must and this would also have to be agreed by the mortgage provider.
  • The mortgage product won’t change because of the gifted deposit as most lenders are ok with family gifts however, not all will be happy with 3rd party gifts (friends).
  • The person gifting the money will need to complete a gifted deposit letter or sometimes lenders have their own form to complete.
  • The lender and or solicitor may wish to see a bank statement or something to confirm where the gifted money is coming from (standard money laundering checks).
  • The gifted deposit can be used in conjunction with the applicant’s own savings or the help to buy scheme.

Money Laundering Requirements for compliance purposes

Please note that we will require proof of ID from the Giftor, as well as proof of where the funds that are being gifted originated.

Please see the details below of how to Contact Us and we will be delighted to help you with any specific queries you may have regarding deposits or any other matter relating to your house purchase..

Remember as an Independent Mortgage Broker, we are regulated to offer you the best advice.


For expert advice and more information or to book your FREE consultation please visit one of our websites, call or email.

Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511

Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888

Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888

Email info@swmortgages.com


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