Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Gatehouse Bank Expands Gifted Deposit Criteria to Non-Family and Overseas Donors

Gatehouse Bank has updated its gifted deposit policy to accept contributions from non-family members and eligible individuals living overseas. The bank previously only accepted gifted deposits from close family members residing in the UK.

According to the announcement, Gatehouse Bank will now accept gifted deposits from a selection of 54 countries, territories, and dependencies. This includes specific European nations as well as countries such as Jamaica, South Korea, Bermuda, Japan, Oman, and Saudi Arabia. The bank will allow a maximum of two overseas donors per application.

This change is intended to provide greater flexibility for customers seeking home financing. The update may be relevant to UK letting agents and inventory clerks, as it could impact the pool of prospective buyers and tenants who are able to secure financing with support from a wider range of donors.

Gatehouse Bank stated that the expansion of its gifted deposit criteria is designed to help more aspiring homeowners access the support they need.