Family Gifted Deposits

Family Gifted Deposits

Family Gifted Deposits - Family gifted deposits are mortgage options whereby the family member of an applicant makes part of or the whole down-payment for a mortgage application, on behalf of the applicant. If an applicant needs assistance raising capital for a deposit, family gifted deposits can be a useful way of acquiring enough cash to secure a mortgage. While providing additional finance, family gifted deposits do not require the family member to be a named applicant, providing the applicant with the associated benefits of having purchased a property individually in the future. This also means that a family gifted deposit both contributes to the deposit, yet does not tie the family member in to any liability on the property in the future.

A family gifted deposit can make all the difference to a first time buyer, especially in market conditions that dictate increasingly tight lending criteria new borrowers. In addition, it can be hard to find a mortgage lender that accepts family gifted deposits as a deposit from the applicant, without reclassifying the mortgage as a ‘tenants in common’ or ‘joint tenancy’ mortgage.

Our team of experienced mortgage brokers have specialist knowledge of family gifted deposits and the terms and conditions on which they operate. Having found cost-effective mortgage packages with family gifted deposits for a number of clients, we know which lenders are most likely to accept your application and offer the best rates. Our bespoke service starts with a detailed fact find to obtain all the necessary information about your mortgage needs, to find the most suitable mortgages that are compatible with family gifted deposits for you.

If you need any assistance why not speak to one of our Mortgage Advisers by calling 020 77 100 400 or Enquire Online.

For more information and for current rates on mortgages with family gifted deposits, call a member of our expert mortgage advisers today

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