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6.1 Finance of Deposit/Balance – Gift/Second Mortgagee


Please confirm expressly if the Client will be obtaining funds from another third party to either pay for the deposit (if any) or fund the balance required to purchase or refinance the property.


If funds were or are being gifted from another source, the Bank's solicitors will require a Gift Letter (setting out the details of the gift and confirmation that the donor will not acquire any interest in the property) to be signed. The donor, as an interested party, may also need to be independently advised. Please see paragraph 3.5 above for cases where independent legal advice is required.


The Bank will not agree to the involvement of another financial institution in financing or taking over the property or the grant of a second charge.


Please ensure that you obtain a clear bankruptcy search and insolvency act indemnity insurance policy against the donors of any gifts before completion.


6.2 Funds Held in Joint Account


Funds held in the joint account used to fund the Client’s Contribution are not considered as gifted deposit. However, the Joint account holder(s) must sign a waiver of interest/ rights form but are not required to be provided with independent legal advice unless the circumstances at 3.5 apply.


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