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Saved deposit or gifted!!!!
Sid2177
Posts: 11 Forumite
Can anyone please tell me what difference it makes if the deposit for a mortgage is saved or gifted.
I've saved some myself but some has been given to me by my parents (lucky me).
Is it something to do with showing that you can save for a deposit?
If I was to have say a £10,000 gifted deposit by parents would the amount the provider was willing to lend be less than if I was to have saved the £10,000 myself?
Thanks.
I've saved some myself but some has been given to me by my parents (lucky me).
Is it something to do with showing that you can save for a deposit?
If I was to have say a £10,000 gifted deposit by parents would the amount the provider was willing to lend be less than if I was to have saved the £10,000 myself?
Thanks.
0
Comments
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Chances are the amount you can borrow would be the same. I've never seen a lender scale-back an application due to a gifted deposit.
However a gifted deposit letter will be required by lender, or solicitor. If you want a template, PM me your email address and I'll send you one in MS Word (Office 365) format.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
That's great thanks
I'm planning to see a mortgage advisor this week and just wanted to know if it was worth it, I didn't want to waste my time seeing them if they were just going to say not a chance.0
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