Editor's note: This brief was summarised by The Property AI Team from a report by Mortgage Strategy. Read the original article for full details.
Gatehouse Bank Broadens Gifted Deposit Criteria for Homebuyers
Gatehouse Bank has expanded its gifted deposit criteria, allowing a wider range of sources to be accepted for home purchase deposits. The bank previously only accepted gifted deposits from close family members living in the UK.
Under the new criteria, Gatehouse Bank will now accept gifted deposits from non-family members, as well as eligible individuals living overseas from selected countries. This change is intended to provide greater flexibility for customers seeking home financing.
For UK letting agents and inventory clerks, this update may be relevant when advising clients on deposit sources and eligibility for home purchases. The expansion of acceptable gifted deposit sources could potentially increase the pool of prospective buyers able to access home financing through Gatehouse Bank.
Source: Mortgage Strategy