Bank of Mum and Dad
If a family member is able to help out with the purchase of your first home, we'll thank them with a gift of £2,000.*
We know getting onto the property ladder can be tough these days, but a little extra help goes a long way.
With our Bank of Mum & Dad scheme, if you're a first time buyer and a parent or family member contributes 5% or more of the purchase price**, we’ll give them a thank you gift of £2,000*. It's our way of supporting you as you get one step closer to holding the keys to your very first home.
We know getting onto the property ladder can be tough these days, but a little extra help goes a long way.
With our Bank of Mum & Dad scheme, if you're a first time buyer and a parent or family member contributes 5% or more of the purchase price**, we’ll give them a thank you gift of £2,000*. It's our way of supporting you as you get one step closer to holding the keys to your very first home.
What is the Bank of Mum and Dad Scheme?
The Bank of Mum and Dad scheme is a way for first time buyers to get some extra help when buying their first home.
If a parent or family member contributes at least 5% of the purchase price towards the deposit, they’ll receive a £2,000 gift from us after the sale is completed.
What are the advantages?
The Bank of Mum and Dad scheme offers a range of benefits:
- Makes saving for your deposit easier and less stressful.
- Offers a £2,000 thank you when your family member contributes.
- Helps you secure your first home faster with less financial pressure.
- The extra support could unlock better mortgage options for you.
Are there any tax implications?
There are no immediate tax implications for you or your family member when using the Bank of Mum and Dad scheme. However, it's always a good idea to speak with a financial adviser to understand how any contributions may affect your tax situation. They’ll be able to guide you through any details to make sure everything runs smoothly.
How does the Bank of Mum and Dad Scheme work?
- To qualify for the scheme, you must be a first time buyer.
- A parent or family member needs to gift at least 5% of the purchase price of your new home, with proof of the contribution.
- Get in touch with our sales team at your chosen development to find out if you can use the scheme on the home of your choice.
- If you’re eligible, we’ll connect you with one of our recommended financial advisers to explore your mortgage options.
- Once everything’s completed, your family member will receive a £2,000 gift from us as a thank you for their support.
Do I need to get a Bank of Mum and Dad mortgage?
No, the Bank of Mum and Dad isn’t a separate mortgage – it’s simply a way for your family member to help with the deposit. You'll still get a standard mortgage like any other homebuyer, but the scheme can make it easier by reducing the deposit you need to save. To learn more, here’s our guide to applying for a mortgage.
Which houses can be it used on?
The Bank of Mum and Dad scheme can be used on selected new build homes across our developments. Speak with our sales team to find out if your dream home is eligible and to get more details about which properties qualify.
Who can apply for the Bank of Mum and Dad Scheme?
The Bank of Mum and Dad scheme is available to first time buyers who are looking to purchase a new home. To qualify, a parent or family member needs to contribute at least 5% of the purchase price of your home.
Is this scheme only available to first time buyers?
Yes, the Bank of Mum and Dad scheme is specifically designed for first time buyers. But don’t worry, if this scheme isn’t quite right for you, we offer a range of other buying schemes that could get you a step closer to owning your dream Charles Church home.
What do I do next?
If you’re a first time buyer with a family member willing to pay at least 5% of the purchase price of your new home, here’s how to apply for our Bank of Mum and Dad scheme:
- Browse our range of beautiful new homes.
- Get in touch with one of our sales executives.
- They’ll connect you with a New Homes Mortgage Adviser who’ll help you explore your mortgage options.
- Once everything’s completed, your family member will receive a £2,000 gift from us as a thank you for their support.
Before you know it, you’ll be settling into your very own home.
Ready to find your home?
If you’ve got a generous family member ready to help you get onto the property ladder, take a look at our developments near you and find the perfect place to call yours.
Find your new home* Amount may vary between developments
** Offer applies on selected plots only
Bank of Mum & Dad Terms and Conditions
- This offer is available on selected developments and plots only, subject to status and availability.
- This offer is available to first time buyers only.
- This offer cannot be used in conjunction with any other Charles Church offer.
- This offer is not available on Buy to Let property purchases.
- A gift letter stipulating that the gift is not repayable, and no interest is being charged will be required by lenders.
- Bank or savings account statements might be required to demonstrate proof of funds.
- Funds being transferred to an account in the United Kingdom from overseas might be subject to additional checks and allowable currency limits.
- The gifted funds will need to be accessible and transferable to the Solicitor acting on behalf of the purchaser.
- The gifted amount may be subject to Inheritance Tax within the parent’s estate on death depending on circumstances.
- Purchasers must meet the lender’s mortgage eligibility criteria.
- Legal completion must take place on or before the date agreed at the time of reservation.
- Charles Church reserve the right to withdraw or alter the terms of this offer at any time prior to payment of a reservation fee.