GIFTED DEPOSIT MORTGAGES. A gifted deposit is a sum of money given to you by a third party as a deposit on a property. There are currently five options currently available for gifted deposit mortgages. These are available on residential and Buy-to-Let purchases.
Assessable income is the income we use to work out your payment rate. If you have a partner, we take both of your incomes into account. Examples of assessable income include: deemed income from financial investments, including money in superannuation funds if you have reached age pension age.
Income tax is charged on all assessable income in a tax year, which runs from 6 April to 5 April. Everyone resident in the UK has a personal allowance â an amount they can earn before any tax is due. For people under 65 years old itâs Â£8,105 in 2012/2013 and will be Â£9,205 in 2012/13.