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Gifted deposits help
stekka
Posts: 10
Forumite
Hi all, apologies if this has been posted elsewhere, but I've searched through and can't find anything that exactly matches my question.
The scenario is this: My partner is looking to purchase a house from her Grandmother. Together we do not have enough money for a deposit on a mortgage (we have around £4k saved up so far)
Does anyone know the minimum that a mortgage provider would accept as a gifted deposit? i.e. is it usually 10% of the house price, or less?, or more?
For example and assuming it's 10%, and the house is worth £120k, does that mean that we would effectively get a mortgage for £108k and the £12k used as a deposit? Meaning that my partners Grandmother would get £108k for the house?
My head's in bits trying to get to the bottom of this 'gifted deposit'. Any help greatly appreciated!!!
Regards
Stekka
The scenario is this: My partner is looking to purchase a house from her Grandmother. Together we do not have enough money for a deposit on a mortgage (we have around £4k saved up so far)
Does anyone know the minimum that a mortgage provider would accept as a gifted deposit? i.e. is it usually 10% of the house price, or less?, or more?
For example and assuming it's 10%, and the house is worth £120k, does that mean that we would effectively get a mortgage for £108k and the £12k used as a deposit? Meaning that my partners Grandmother would get £108k for the house?
My head's in bits trying to get to the bottom of this 'gifted deposit'. Any help greatly appreciated!!!
Regards
Stekka
0
Comments
-
That is correct.
Not all lenders like family gifted deposits.
Some lenders will also want you to put some money towards the deposit as well.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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