Guides
A gifted deposit from parents in Bulgaria
Parents in Bulgaria can help with your deposit, but the gift has to be declared to your lender and evidenced like your own money. The person giving it signs a gift declaration and shows where the money came from; it must be a true gift, not a loan.
What a gifted deposit is
A gifted deposit is money given to you towards your purchase that you do not have to pay back. Lenders accept them, but they must be told, and they will only lend if the money really is a gift: no repayment, no interest and no share in the property for the person giving it.
What the person giving the money provides
- A signed gift declaration confirming the amount, that it is a gift and not a loan, and that they will have no interest in the property.
- Their passport or ID card and proof of address. The identity check can be done online from Bulgaria.
- Bank statements showing the money in their account and where it came from, such as savings, a pension or the sale of a property.
- Statements showing the transfer to you, or wherever we ask it to be paid.
If they will live in the home
If the person giving the money will live in the property with you, your lender will usually ask them to sign a form confirming they have no rights against the lender. Tell us at the start, because it affects the paperwork.
Timing and how the money is paid
- Ask us before any money is sent: where it is paid from and to matters for the checks.
- The gift has to be in place and evidenced before exchange, because the deposit is paid then.
- Keep every transfer confirmation, including currency exchange.
FAQs
Can my parents lend me the deposit instead of giving it?
A loan is not a gifted deposit. Your lender must be told about any loan, and it may reduce what it will lend or mean it will not lend at all. If the money is to be repaid, tell your broker and us before you apply.
My parents do not speak English. Is that a problem?
No. We explain the gift declaration to them in Bulgarian, their identity is checked online, and their Bulgarian bank statements are read as they are. Your lender may ask for translations of some documents.
Does the person giving the money need a solicitor?
Usually not. They sign the declaration and provide the evidence; the lender may recommend independent advice if they will live in the property. We tell you if that applies.
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