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If you're thinking about buying your first home, you'll probably know saving for a deposit is one of the biggest hurdles.
That's why many first-time buyers get a helping hand from family members through a gifted deposit, making it easier to get on the property ladder sooner.
A gifted deposit can make a real difference when buying your first home.
Don't worry. Using a mortgage calculator is a simple way to get an idea of how much you could borrow and what your budget might look like.
If you’re using a gifted deposit, your lender will need to know where the money’s come from.
This usually needs to be in the form of a letter for gifted deposits and bank statements showing where the money came from and how it was transferred.
A typical gifted deposit letter will explain:
Every lender is a little different, but at Skipton we'll let you know exactly what's needed.
If family can help, a gifted deposit can make buying your first home feel much more achievable. The key things to remember are:
| Key point | What it means |
|---|---|
| It is not a loan | The money is given to you and doesn't need to be paid back. |
| Usually come from family | Most gifted deposits come from family members, such as parents or grandparents. |
| Mortgage amount | A gifted deposit can reduce the amount you need to borrow. |
| Paying tax | You won't usually pay tax, though the giver may need to consider Inheritance Tax rules. |
| Help with early costs | If you're worried about the cost of your first few mortgage payments, Delayed Start mortgages could give you a bit more flexibility. With Delayed Start, eligible buyers can delay their mortgage repayments for up to the first three months (1, 2 or 3 months - depending on the product chosen) after completion. Interest will accrue from day one. |
| Other ways to buy | If you don't have a gifted deposit, options like Track Record mortgages could still help you buy a home. Our Track Record mortgages are designed for current or recent renters, aged 21 and over, who haven't owned a UK property in the last 3 years and paid rent for 12 months in a row within the last 18 months. |
A gifted deposit can give you a helping hand towards your first home, but it's not the only route open to you. Whatever your circumstances, there may be more options available than you think.
Mortgages are subject to eligibility and lending criteria.
Not everyone has family members who can help with a deposit, and that's okay.
At Skipton, we understand that saving while renting can be difficult, so we've developed options designed specifically with first-time buyers in mind.
For example, our Track Record mortgages are designed for current or recent renters who have a strong history of paying their rent on time. If you've made 12 consecutive monthly rental payments within the last 18 months, you're 21 and over, and haven't owned a UK property in the last 3 years, you may be able to buy a home without needing a traditional deposit.
That means you could still move forward even if saving a deposit has been the main barrier.
Sometimes the challenge isn't saving the deposit but managing the early costs of owning a home.
That's where our Delayed Start mortgages could help.
With Delayed Start, eligible buyers can delay their mortgage repayments for up to the first three months (one, two or three months - depending on the product chosen) after completion. This can provide some breathing room while you adjust to the costs of moving and setting up your new home. Interest will still accrue on the mortgage from day one.
We'll fully explain if this type of option could work for you.
Not really. Gifted deposits are common, and lenders regularly accept them.
They'll simply need to check that the money is genuinely a gift, understand where it came from and show that you can afford the mortgage you're applying for.
In most cases, you won't pay tax on receiving a gifted deposit.
However, the person giving the money may need to think about Inheritance Tax if they die within seven years of making the gift. It depends on their individual circumstances and how much their estate is worth.
If you don't keep up with your mortgage payments, you could lose your home.
