Property Buying Guide
Building a Deposit: A 'gifted deposit'
There are circumstances when you may be given or 'gifted' a deposit to help you on your way. The gift may be from a parent, grandparent, or nowadays, one of the new house builders wanting to incentivise you into a new home. Imagine someone paying your up front deposit for you. Wouldn't that make things much easier? If you have your heart set on a new property then there are new build gifted deposit schemes where you are given a deposit to enable you to make the house purchase. Find out more about gifted deposits from new house-builders.
There are tax consequences if the person who gave the money died within 7 years of the gift so they might want to take tax advice. There is a lot more about this in our ‘How Parents Can Help' section.
Find out more about how to build a deposit - or even get away without needing one:
Savings l Extra work, selling things, cutting down on spending, cutting down on debt l A loan l Investing Abroad l Reducing the size of mortgage deposit needed l No Deposit Options