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.
Family Gift - gifts from family are acceptable.
Where the source of the customer’s deposit is a gift from a family member, a letter from the family member must always be obtained as evidence. 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)
- Children (including step children and step children of spouse)
- Grandparents / Great Grandparents (Including Step Grandparents)
- Aunts/Uncles (must be a family relation)
The family member gifting the deposit must complete the gifted deposits letter found within the literature section of the website:
- Letter must be addressed to the Bank
- Amount of gift (in sterling) which must cover the amount keyed in Mortgage Pro
- Details of the family member(s) gifting the deposit including first name and surname, address and their relationship with the customer
- Minimum first name and surname 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)
- Letter must be signed by giftor(s).
Concessionary – if the deposit is from equity (e.g. a reduced purchase price) the application should be treated as a concessionary purchase.
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.
For property purchases we may on occasion request proof of deposit.