MOVA / Gifted Deposits & Family Support
Gifted deposits and family help.
Clear from the start.
If family will help with your deposit or borrowing, explain the arrangement early. The way that help is structured matters to the mortgage and the legal work.
Initial conversation at no cost · No pressure to proceed
Start with what matters to you.
You do not need to choose a product before getting in touch. Bring your plans and your questions; Steven will help you understand the next step.
Three things to clarify
Understand how family help is structured.
Gift or loan?
Be clear whether any money must be repaid or gives someone a stake in the property.
Source of funds
The lender and conveyancer may need evidence showing where the contribution came from.
Everyone’s position
Family-assisted arrangements can create responsibilities and risks for the people helping you.
A genuine gift is different from borrowing the deposit.
A gifted deposit is money given towards the purchase without an obligation to repay it. Tell Steven if repayment is expected, if the person contributing will live in the property, or if they will have an ownership interest. Do not describe a loan as a gift.
Prepare for the evidence, without sending it here.
Requirements vary, but a lender or conveyancer may ask for a signed declaration and documents about the person making the gift and the funds. Steven can help explain what is needed for the relevant route. Your first website enquiry only needs a broad outline.
Family assistance is not one standard product.
Joint borrowing, gifts and other supported arrangements can have different consequences for ownership, future borrowing and the person helping. Availability depends on lender criteria. Independent legal or tax advice may be needed, particularly where someone takes on a liability or uses their own property or savings as security.
Your questions, answered
Clearer on the detail.
Ready for the next step.
Have a question that is specific to you?
Can anyone provide a gifted deposit?
Lenders have their own rules about acceptable donors and evidence. Tell Steven about the relationship before assuming the gift will be accepted.
Can my family lend me the deposit instead?
A repayable contribution is a different arrangement and must be disclosed. Whether it is acceptable depends on the lender and your circumstances.
Do you provide legal or tax advice?
No. MOVA can discuss the mortgage enquiry; legal and tax questions should be addressed by an appropriately qualified professional.
A practical next step
Talk through your plans
with Steven.
An initial conversation can help you understand where to start and what information may be needed next.
Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The amount will depend on your circumstances and will be explained and agreed before you choose to proceed.