Family money: a gift or a loan?
Parents or family helping with the deposit? Get it clear for the lender, and fair for you both. Free, nothing saved.
If it's a loan you'll also be asked when and how it's paid back.
Your summary
Alex's family is giving £20,000 to Alex, as a gift towards the deposit. It isn't to be paid back.
What your lender will usually ask for
A gifted deposit letter, usually on the lender's own form, signed by whoever is giving. It usually confirms the money is a gift, isn't to be paid back, and gives them no share in the home.
Why it matters to you both
If you split up, a gift to Alex and a gift to you both can mean very different things. Agree it now and write it down.
This is a note for you and your family. It isn't a lender's gifted deposit form or a loan agreement. General information for England and Wales, not legal advice. wecohabit.com/family-money/
General information for England and Wales, not legal advice.