Gifted Deposits in Hove – How Family Help Works and What Lenders Need

With Hove and nearby areas like Aldrington and Portslade remaining popular, many first-time buyers lean on a gifted deposit from parents or relatives. Lenders are comfortable with family help, but the paperwork must be spot on.

What counts as a gifted deposit

• Money given by a close family member with no expectation of repayment
• The gift must be from legal, traceable funds
• Some lenders allow gifts from wider family or long-term partners – check criteria early

Documents lenders usually ask for

• Gifted deposit letter confirming the funds are an outright gift and carry no interest in the property
• ID and address evidence for the gifter
• Proof of source of funds – recent bank statements and, if relevant, evidence of savings build-up
• Bank statements showing the transfer into your account

Timing and best practice

• Arrange the gift before full mortgage application to avoid delays
• Keep the funds in one place – multiple hops between accounts can slow compliance checks
• Avoid cash deposits – electronic transfers are cleaner to evidence

Local tips

• In Poets’ Corner and central Hove, chains can move quickly. Having the gift documented up front helps you compete.
• If buying a flat in Brunswick or near Hove Station, factor in service charges when the lender checks affordability.

Ready to line up the paperwork for your gifted deposit and AIP together – start a conversation on our contact page.