Gifting a Deposit is a way parents can help their kids get onto the property ladder

Gifting a Deposit is a way parents can help their kids get onto the property ladder. Its not the only way though.

Buying a property in the UK can be a daunting task, especially for first-time buyers. One way that many people are able to make the process a little easier is by receiving a gifted deposit from their parents. This is a fairly straightforward process, but there are a few things to keep in mind.

First and foremost, it's important to note that you should not transfer money until you are told to do so by your bank or mortgage lender. This is because it can be difficult to evidence where the funds came from if they are transferred before the bank statements are produced.

Another way that parents can support their children in buying a property is by gifting equity in a property they already own. This can help to reduce the amount of money that needs to be borrowed and can make the process of buying a property much more manageable. 

Additionally, parents can also participate in a guarantor scheme, which can help to reduce the risk for lenders and make it easier for their children to secure a mortgage.

#mortgage #family #deposit

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