Family Gifted Deposit

littlesmithy

Does anyone know which banks will deal with a Family Gifted Deposit?

Please dont tell me to go to an Independant Mortgage Advisor, we have tried that route and have been so let down by lack of simple communication (and manners!!)

Any help, thoughts or ideas gratefully appreciated.

Many thanks for reading.

Leory

Halifax/Bank of Scotland as far as i know.....if you want others suggesting then perhaps speak to a whole of market advisor

sharon1982

I'm currently applying through the Halifax (via an IFA) and my deposit is made up of mainly family gifted deposit with some of our own savings. All we needed to do was put on the form "family gift and savings" when asked for details of source of deposit, and then had to get the family member to write a letter to our solicitor saying it was a gift and that they didn't expect repayment.

Hope that helps!

poppy_f1

sharon1982 wrote: »

I'm currently applying through the Halifax (via an IFA) and my deposit is made up of mainly family gifted deposit with some of our own savings. All we needed to do was put on the form "family gift and savings" when asked for details of source of deposit, and then had to get the family member to write a letter to our solicitor saying it was a gift and that they didn't expect repayment.

Hope that helps!

thats all i done and my mortgage is now with Nationwide

littlesmithy

Thanks for all your help - anyone else reading this these are the banks I have found that deal in Family gifted deposits
Nationwide
RBS
Halifax
Natwest

Now all I have to do is cross my fingers that the mortgage goes through!!!!!

chambta

RBS (and presumably Natwest) certainly do.

If declared as such they will usually require a letter from the family member confirming that is a gift rather than a loan and no interest will be taken in the property.