Home Buying Guide
Gifted Deposit
Gifted deposit and a gifted deposit mortgage is a way of buying a first home without raising the deposit yourself.
A gifted deposit is a sum of money given by a third party for use as a deposit for a property. More and more first time buyers are receiving gifted deposits either from family members or house-builders to help them on the first rung of the property ladder. This can make the difference between being able to afford your first home and not becsaue you can buy a home with no deposit! The reason these have a special name is because there are particular tax laws governing the money accepted as a gift. That being said, many first time buyers are benefiting from this way of buying a gifted deposit property.
Find out more about gifted deposits from parents, see our 'How Parents Can Help Guide'. To find out how much you could borrow by way of a personal loan to help a child with a deposit, obtain a quote.
New house builders are making it much cheaper for first time buyers to buy new properties by offering gift deposits.