Do any lenders accept vendor gifted deposits?

Q: Do any lenders accept vendor gifted deposits?


Yes some lenders will accept a vendor gifted deposit or other cash incentive provided this does not exceed the maximum of 5% of the purchase price. If the gifted deposit does exceed 5% of the purchase price, then this may affect the maximum loan that you can borrow. For example, if you were looking to buy a property for £ 200,000 and you received a £ 10,000 (5%) vendor gifted deposit then you would need to put down a minimum of £ 10,000 (5%) deposit from your own funds in order to take out a 90% loan-to-value or £ 180,000 mortgage. If you were to receive a £ 20,000 (10%) vendor gifted deposit on a property with a purchase price of £ 200,000, the mortgage lender would reduce the maximum loan that they could offer you down to £ 171,000 and you would need to put down £ 9,000 deposit from your own resources. Call us now 02075194900

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