Parent Protected Gifted Deposits
The typical scenario would be where the parents are keen to help their own son or daughter but don’t want the unrelated partner and mortgage applicant to claim the gifted deposit portion if things turn sour and the property is sold and the sale proceeds shared by each of the mortgage applicants. They don’t want this completely unrelated 3rd party walking away with their financial gift that was offered in good faith and in goodwill.
Therefore protecting their gifted deposits gives them this security and control over the deposit gifted and gives them the option of having this returned to them at their own discretion if necessary.
The gifted deposit is registered as a 2nd charge against the property and gives the giftor legal protection that they can exercise if required.
There are only a very few lenders who are prepared to make this allowance and offer this type arrangement so if you want to find out more please contact an Independent Mortgage Adviser on 0131 202 6582 or click here to get in touch via our contact form.Apply now