Joint First-Time Buyer Purchase Using a Family Gifted Deposit
£245,000 · 30 years · 4.79% fixed 5 yrs. Two friends purchasing together as first-time buyers received a gifted deposit contribution of £20,000 from one buyer's parents.
The Client
Two friends purchasing together as first-time buyers
The Challenge
Two friends purchasing together as first-time buyers received a gifted deposit contribution of £20,000 from one buyer's parents. Gifted deposits require specific lender documentation and not all lenders accept gifts from non-immediate family members or friends. The transaction needed careful lender selection.
Our Solution
Doulton selected a lender with a clear gifted deposit policy accepting parental gifts with a standard gift letter. The application was submitted as a joint first-time buyer purchase. Both applicants' salaries were assessed on a joint income multiple. The 85% LTV after the gifted deposit was comfortably within standard parameters.
The Outcome
Property purchased by both first-time buyers. Gifted deposit accepted without issue. Monthly mortgage payment split equally between both buyers. Both have subsequently remortgaged through Doulton three years later onto better products. Key highlights: Gifted deposit process managed - gift letter documentation handled; Joint first-time buyer application - both incomes assessed; Both buyers have since returned to Doulton for remortgage.