Getting financial help towards your deposit from a family member?
To save yourself delays in the conveyancing process further down the line:
1 The family member must decide whether it's a gift or a loan.
2 If it's a gift, you must ensure that the person gifting fills out a gifted deposit letter with the correct information.
The correct information must be set down and the letter must be signed by witnesses. The giver will also have to provide ID and proof of funds. If the giver isn't a family member, you must tell your mortgage lender as this can sometimes cause issues.
For further information about these matters, including a useful template, please click on
Gifted Deposit Letter
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