Gatehouse Bank has expanded its gifted deposit criteria, which will allow for a wider range of sources to be accepted.

Previously, gifted deposits were only accepted from close family members living in the UK.

In addition, the bank will accept gifted deposits from non-family members and eligible individuals living overseas from selected countries.

Gatehouse Bank head of customer propositions Gemma Donnelly says: “We recognise that financial support towards buying a home can come from a variety of sources beyond immediate family members.”

“By broadening our gifted deposit criteria, we’re providing greater flexibility for customers while continuing to uphold our commitment to providing responsible home financing. These changes will help more aspiring homeowners access the support they need and move one step closer to achieving their goals.”