It can be difficult to save a deposit for a property whilst making rental payments, but you may have clients with close family members who wish to gift a deposit to help them onto the property ladder. Their own money can then be used for fees, or to buy furniture and items for their new home.
We’re able to offer these clients up to 95% LTV and, crucially, the 5% deposit as entirely gifted funds – meaning your client will not have to contribute to the deposit.
Even if your clients have not been renting for 12 months, we are happy to consider wholly gifted deposits for loans up to 90% LTV.
The gifted deposit funds must be clearly evidenced in a UK bank / building society account or other UK based investments, and be from a close family member – for example, parent, grandparent, son, daughter, brother or sister.
In line with our usual gifted deposit requirements, the donor will be required to confirm in writing that the monies are a non-repayable gift, and they will retain no interest in the property being purchased. They will also be required to complete our Gifted Deposit Form.