Gifted Deposit Letter
A gifted deposit letter is required during the mortgage & conveyancing process when a mortgage applicant is receiving some or all of the deposit as a gift. This is part of the mandatory “proof of deposit” process which your mortgage broker and conveyancing solicitor will insist upon.
You can download a copy of the gifted deposit letter here: gifted-deposit-letter-mg
In addition to the gifted deposit letter being held on file we will need to see the following:
- Proof of I.D of the person(s) gifting the deposit.
- Copy of the bank or investment statement showing where the deposit is currently held.
- Proof of residency for the person(s) gifting the deposit.
The gifted deposit letter itself must include the following:
- Name of the mortgage applicant and also the receiver of the gifted deposit.
- Address of the mortgage applicant
- Name of the person gifting the deposit
- Address of the person gifting the deposit
- Relationship between mortgage applicant and person gifting the deposit
- Amount of deposit being gifted
- Source of gifted deposit
- Confirmation that the gifted deposit is not repayable
- The form must be signed by the person gifting the deposit
One of the main reasons for the gifted deposit letter is that there must be an agreement that the gift is not repayable.