Gifted Deposits?!

kitty.oconnell

Hi,
I am a first time buyer and have noticed that a number of companies selling new homes offer to pay for your deposit.
However, everytime I speak with the company's 'nominated financial advisor' they say that I will need to pay a deposit and that the gifted deposit wouldn't be recognised.
I don't understand why these companies would offer this deal if it isn't even recognised by mortgage companies?!
I was hoping maybe someone on here could shed a bit of light on this for me.

Thanks,
Caitlin

VIGILANT22

Gifted deposits can no longer be relied upon alone as a deposit...good marketing ploy I expect

Annisele

Yeah, just marketing.

I have this house that I say is worth £100k, but I'm going to gift you a deposit so you only have to pay £95k for it. You make £5k instantly! Isn't it brilliant!

The fact that the developer is prepared to sell the thing for £95k would rather imply that it's worth at most £95k, but some people still see pound signs when it looks like they're getting a discount.

kitty.oconnell

Thought so - just frustrating when they imply that you don't need a deposit!

Back to the drawing board I guess!

Thanks for getting back to me.

NoAngel

I've had the same problem. Some offer to match your deposit though, so you come up with 5% and they add 5%. Don't know if that would be different.

VIGILANT22

NoAngel wrote: »

I've had the same problem. Some offer to match your deposit though, so you come up with 5% and they add 5%. Don't know if that would be different.

No difference.........