- Plan ItBack
- Design ItBack
- Build ItBack
- Homes
- ProductsBack
- CostsBack
- Self Build Cost Calculator
Estimate your project costs instantly with Build It's interactive self-build cost calculator
Calculate Now - Costs & Finance
- Contracts & Warranties
- Build It Estimating Service
Get an accurate, detailed cost breakdown of your project
Submit plans
- EventsBack
Q&As
Can My Parents Gift Me Money Towards Buying Land?
I am a first-time buyer and hoping to use the Help to Build scheme to self build my first home. I have enough of a deposit to buy a plot of land with a mortgage, and my parents are planning to gift me an additional sum so that I can get a bigger loan to fund the build phase. My question is: at what point should I declare this gift? And can I increase the mortgage after purchasing the plot?
One Answer
The gift amount and source will need to be declared from the outset, as the lender will always needs to know about deposits – ie how much and where it’s coming from. The gift amount will also need to be proven to the lender.
It is not possible to increase the mortgage after purchasing the plot. The lender will need to look at the whole project before agreeing any lending, so won’t just lend for the plot with the build to be looked at/finalised at a later date.
Rachel Pyne (Buildstore director & Build It finance expert)