What are gifted deposit mortgages?

When applying for a home loan, you will be typically required to make a deposit. If you cannot afford this, one other way to secure your loan is to look for homebuilders that offer gifted deposit mortgages. In such cases, the homebuilder would write off a portion of the purchase amount, effectively giving you a discount. The lender, on the other hand, will consider the portion written off as the equivalent to a deposit.

Are Builders the Only One Who Can Help Out?

Not at all! There are other cases in which finance companies accept gifted deposits from other parties such as the landowner of the property you wish to lease or purchase or even members of your family. You can learn more about such options when you visit the official website of Capital Fortune at capitalfortune.com.

For another source of gifted deposits, you should also check abbeyforintermediaries.com. The company is one of the divisions of the well-known finance corporation Santander Group.

Factors to Keep in Mind When Applying for This Type of Mortgage

The first thing to remember is that lenders have to be made aware that you are applying for gifted deposit mortgages and that they will have to secure documentary proof from the other party as proof that they indeed made such an offer. Credit scores still and will always matter not just to the lender, but the other party offering a gifted deposit. So before you apply for any kind of home loan, make sure at least that your credit is good enough to impress.

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