Cashback Remortgages · First-time buyers
Gifted Deposits Explained
Many first-time buyers use a gift towards their deposit, often from family. Lenders accept gifts but need to verify the source and that the money is not a loan.
What lenders ask for
Expect a signed gift letter confirming the amount, that it is a gift and not repayable, and that the giver has no stake in the property. Lenders and conveyancers also carry out source-of-funds checks.
Providing this early avoids delays late in the process.
Points to be aware of
A gift that is actually a loan can affect affordability and must be disclosed. If the giver wants a legal interest, that changes the arrangement and needs legal advice.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.