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Deposit boosters help with the deposit in return for a protected financial interest in the property.
This is done through a deposit loan or an equity loan. With an equity loan, your stake increases or decreases in line with the property value. A deposit loan is a straightforward loan - you get back what you put in.
Loans can be converted into a gift at any time.
A Booster’s capital is ring fenced to preserve a First Time Buyer’s stamp duty status.
We provide the deposit booster legal agreement free of charge and manage the loan repayment.
There is no maximum number of deposit boosters for a mortgage application. Deposit boosters do not need to be UK residents however, funds from the deposit booster must come from a UK-based bank account and be in the UK for 3 months prior to funds being released.
Requirements for a deposit booster:
- Contact Details (number, email and full name)
- National Insurance Number
- Date of Birth
- Latest 3 year address History
- Details regarding deposit contribution; Amount, source and terms (Loan or equity stake)
- Proof of Identification & Address (This can be done electronically or by providing documentation)
Checks that are carried out (KYC):
- PEP, sanction and Media checks
- *Where required, source of fund checks may be carried out.