Don’t have savings, parents gifting whole deposit. Will lenders frown on this? 31 August 2021 at 12:21PM edited 31 August 2021 at 12:23PM in Mortgages & endowments 2 replies 322 views

Liyana89

When applying for a mortgage, If the whole sum of the deposit is from my parents for example as I don’t have savings, (I’m 30+ but haven’t had a chance to save) will lenders frown upon this and likely to decline me as a mortgage applicant?

would be very grateful for replies, thank you!

aoleks

no, they won't. you will need a simple letter that states your parents have no financial interest in the property, the solicitor will prepare this for you. as long as you pass anti money laundering checks, everything will be ok.

london21

In addition to the above, You will also need to pass affordability. How much you are looking to get mortgage amount they would check you can afford the monthly repayment.