Family Gift Mortgages
Family Gift Mortgages- or mortgages with a family gifted deposit are also know as Concessionary Mortgages and often sought by purchasers who require assistance from a family member with their mortgage deposit when purchasing a new property.
A number of lenders will accept a family gifted deposit from a family member which can then be used towards the deposit for the mortgage.
Such transactions are slightly more complex than mainstream mortgages and your solicitor and mortgage lender will need to be fully appraised of the source of the deposit monies.
A family gifted deposit often needs to come from a direct family member and needs to be an outright family gift. In other words they are giving the family gift outright with no conditions attached. If conditions are attached, such as the need for future repayment, then the mortgage lender will not treat the payment as a traditional family gift but instead will deem it a temporary loan. A loan cannot be used towards a family gifted deposit mortgage.
Capital Fortune specialises in obtaining the most suitable and affordable family gifted deposit mortgages for our clients. We particularly work with purchasers who would not be able to purchase without such family gifts and work closely with both sellers, lenders and solicitors to ensure a smooth, clear and transparent transaction.
We are fully aware, that family gifted deposits and builder€™s gifts contribute significantly to homeowners ability to purchase and family gifted deposits are particularly important to first time buyers seeking assistance to get a foot on the property ladder.
Family gifted deposit Finance Mortgages with a family gifted deposit
Purchasing a property with family gifted deposit finance is an important purchasing decision and there are a number of mortgages with a family gifted deposit available. A family gifted deposit purchase can be undertaken using a variety of mortgages and some mortgage lenders have developed specific family gifted deposit products and finance to assist with the purchasing process.
It is not commonly known that certain lenders will allow you to purchase with a family gifted deposit through
family gifted deposit residential mortgage
family gifted deposit Buy to Let mortgage
family gifted deposit Secured Loan
With a family gifted deposit Interest Only Loan
It is important to obtain a family gifted deposit mortgage or loan that will suit you best. There are a number of products some of which can be seen through our online mortgage service. However, family gifted deposit mortgages may not necessarily be the most suitable or affordable way to finance your purchase.
It is important to seek professional and impartial information from a suitably qualified adviser and we would be happy to take you through the many options. We can only recommend a family gifted deposit mortgage be it on a residential or buy let basis once we have assessed your full needs and requirements. We will both need to be satisfied during the purchase process that the financial commitment which a mortgage brings, is both affordable and suitable.
Specialist Finance Advice
At Capital Fortune we are specialists in giving impartial mortgage advice. We understand your requirements when obtaining mortgages with a family gifted deposit, we also understand the pitfalls.
We will be able to discuss with you all the reasons for purchasing with a family gifted deposit and give you advice on the most suitable and affordable finance options for the purchase.
We are able to place these properties with UK mortgage lenders but often these types of application require a significant degree of liaison with the lenders, solicitors and the valuers.
At Capital Fortune, we work with a number of lenders willing to offer family gifted deposit mortgages.
To discuss family gifted deposit mortgages call us today on 020 3 216 2037 or Enquiry Online.
Note that a gift/incentive is only acceptable if there are no conditions, which require the the return of all or part of the gift/incentive at any point in the future.