All applicants must make a minimum personal deposit for the property relevant to their individual credit score, product or scheme. No element of this deposit should be represented by a personal loan
Gifts from family are acceptable. The family member gifting the deposit must send a signed letter to us, a template of which is downloadable from the literature section of our website, containing the following information:
- Letter must be addressed to the Bank
- Amount of gift
- Details of the family member(s) gifting the deposit including full name, address and their relationship with the customer
- Full name of the applicants their current address and details of the property being purchased
- Confirmation the gift is non repayable (No claw back)
- Confirmation that they will have no interest in the property
- Date (must be dated within the last 3 months).
Gifts are only acceptable from the following family members:
- Parents (including step-parents and parents of a spouse)
- Siblings (including step-siblings and siblings of a spouse)
- Son or daughter (including step-children and step-children of spouse).
- Aunts/Uncles (must be a family relation)
Vendor Deposits and Cashbacks (non new build properties)
Vendor gifted deposits are an unacceptable source of deposit for any non new build property. This does not impact buyers who are receiving gifted deposits to purchase new build properties or concessionary purchases. Concessionary purchases are not acceptable for BTL applications. For property purchases we may on occasion request proof of deposit.