Mortgage Knowledge Base
A gifted deposit is a sum of money that is given to a borrower by a family member or close friend to be used towards the purchase of a property.
Gifted deposits are often used by first-time buyers who may not have the required savings for a mortgage deposit.
Lenders will typically require the donor of the gifted deposit to provide a letter stating that the money is a gift and not a loan that needs to be repaid. It’s important to note that lenders may have different policies regarding gifted deposits, so it’s a good idea to check with your lender to see if they accept gifted deposits and what their requirements are.
You will find more useful information in our article: What is a gifted deposit?
