In terms of gifted deposits, here are the answers to a few commonly asked questions;
It tends to be “Bank of Mum and Dad” that gifts the deposit to the applicant and this is acceptable to most Lenders. In addition, your Mortgage Broker and Lender/Solicitor will be required to see evidence of the build-up of funds and also identification.
In almost all circumstances it needs to be a gift and the donor will sign a letter to confirm the funds are non-refundable. They will not put a “charge” on the property you are buying.
Be careful though, taking out a personal loan just before applying for a mortgage will probably have a downward effect on your credit score. This could lead to a mortgage application being rejected.
Also, the monthly payments for the loan will have to be taken into account by the mortgage lender for affordability, especially if you’re a First-Time Buyer.
There isn’t a maximum limit on the amount of gift you can receive.