The Question ….
I’m do not have the money to buy my own place and I don’t think I will for a while. Is there any way that my mum and dads money or the money they have in their property can help me get my first property?
— Keyley from Swansea
The Answer ….
Hi Keyley, The simple answer to this is “Yes you can”.
Mum and Dad or even another relative can help you on to the property ladder
A blood relative, so either parent or grandparent and sometimes a sibling can “Gift” a deposit. The Mortgage Lender will need to know upfront that this is the source of all / some of the funds, as additional paperwork will need to be submitted with the application.
Sometimes a letter from the person/s gifting the monies is also necessary, this will confirm that the money is a non refundable gift and that the person/s gifting the money will hold no interest in the property.
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