More information relating to our Family Deposit Mortgages is below. If you can’t find the information you’re looking for, you can talk to one of our specialists through Broker Chat.
- Family members are classified as being a spouse, civil partner, parent, brother, sister, child, grandparent, grandchild or someone whose relationship has the characteristics of a family relationship.
- For the Helper to be eligible for this product, the Buyer must be purchasing their main residential property with a Nationwide mortgage.
- The Buyer must obtain a valid Decision in Principle (DIP) with Nationwide and provide a copy to the Helper.
- The Helper will need to provide you with a copy of the Buyer’s valid DIP before you can submit the Full Mortgage Application. The DIP will be used for validation purposes only.
- The Helper must be remortgaging with capital raising from our Family Deposit Mortgage range.
- The additional funds raised by the Helper through the Family Deposit Mortgage must be wholly gifted and can’t be loaned to the Buyer.
- We may amend or withdraw the Family Deposit Mortgage range at any time and without notice.
- All of the additional funds raised through the Family Deposit Mortgage must be gifted towards the Buyer’s Nationwide mortgage and can’t be used for any other purposes.
- The maximum LTV for the Helper is 80% (Remortgage with capital raising or capital raise on a mortgage free property). This is set by the additional borrowing purpose.
- Transactions for the Helper and Buyer will be carried out separately.
- The Buyer can select any product from the standard mortgage range, subject to the usual criteria and affordability requirements.
- Standard gifted deposit policy rules will apply and the Buyer will need to complete and submit a Gifted Deposit form.
In addition to our standard mortgage eligibility, the following also applies: