Gifted deposit

Family or other help

Gifted deposit

Gifts may be subject to gift duty and gifted deposits could trigger this liability. 

Family loan

Most lenders will accept a long term interest free loan to you (which is normally loaned by family) as being a suitable substitute for saving a deposit.  Lenders need to be satisfied that your "family loan" will not incur repayments during its term, and demand for repayment of the family loan cannot be made during its term.  Generally, a long term family loan would match the lenders' loan term (up to 30 years).  

Family sometimes help in other ways, for example using their property as additional security or topping up their loan - but it is best that we discuss these options if, or when, appropriate.

Asset sales

Sometimes it is just better to downsize the car and get on the property ladder.  We understand that this can be a difficult decision, and may not seem economic at the time, but the reality of being in a position to own an asset which appreciates over time (a home) versus owning one which depreciates rapidly (a car) can help the adjustment to selling precious assets.

Second mortgage

A loan secured by a second mortgage is another common way to help you get on the property ladder. 

With the main banks having reduced their Loan to Value Ratios the market for second mortgage lenders has returned and we are seeing a growing number of specialist lenders operating in this area of the market.  The market for second mortgages is dynamic, it changes quickly and is best to be assessed case-by-case.  

We have a page dedicated to second mortgages attached below.