Saving a mortgage deposit is tough — especially when property prices in Ireland remain stubbornly high. If a family member is helping you get on the ladder with a cash gift, Bank of Ireland will need to see a gift letter before they approve your mortgage. This guide walks you through exactly what BOI requires, who can give the gift, and gives you a ready-to-use template you can fill in today.
Disclaimer: This article is for information purposes only and does not constitute financial advice.
BOI Gift Letter Requirements
Bank of Ireland, like all Irish lenders, follows a standard set of requirements when it comes to gifted deposits. The gift letter must confirm:
- The money is a gift, not a loan — it does not need to be repaid
- The donor has no legal interest or claim on the property being purchased
- The source of the funds is clearly stated (savings, inheritance, sale of assets, etc.)
- Both the donor and recipient sign the letter
- The exact euro amount of the gift is stated
BOI may also ask for supporting bank statements from the donor — typically covering the last 3 to 6 months — to verify that the funds are genuinely available and to satisfy anti-money laundering (AML) obligations. Be prepared to provide these alongside the signed letter.
Who Can Give a Gifted Deposit to BOI?
Bank of Ireland requires that gifted deposits come from immediate family members. Acceptable donors include:
- Parents (including step-parents)
- Grandparents
- Siblings
Gifts from more distant relatives — cousins, aunts, uncles — or from friends are generally not accepted. If the gift is coming from someone outside the immediate family circle, speak to your mortgage broker before proceeding, as BOI may look at this differently on a case-by-case basis.
The donor must also be able to demonstrate that the money is genuinely theirs to give. If the funds have recently landed in the donor’s account from another source, BOI may ask for an explanation of that source too.
Free Bank of Ireland Gift Letter Template
You can use the template below. Print it out, fill in the details, and have both parties sign it before submitting to your BOI mortgage case manager.
GIFTED DEPOSIT DECLARATION
Date: ____________________
To: Bank of Ireland Mortgage Team
I/We, [Donor Full Name(s)], of [Donor Address], confirm the following:
1. I/We am/are gifting the sum of €[AMOUNT] (euro) to [Recipient Full Name(s)],
in connection with their purchase of the property at [Property Address].
2. This gift is made freely and unconditionally. It is not a loan and does not
require repayment at any time, either in full or in part.
3. I/We have no legal interest, beneficial interest, or any claim whatsoever
in respect of the property being purchased.
4. The source of these funds is: [e.g. personal savings / proceeds from sale
of investments / inheritance received from [Name], [Year]].
5. I/We confirm I/We have not borrowed these funds from any third party.
Donor Signature: ____________________ Date: ________________
Donor Printed Name: ____________________
Recipient Signature: ____________________ Date: ________________
Recipient Printed Name: ____________________Keep a copy for your own records and provide the original signed version to your BOI mortgage adviser or solicitor as requested.
How to Submit Your Gift Letter to Bank of Ireland
Once you have the signed letter and supporting bank statements from the donor, you can submit them in a few ways:
- Through your BOI mortgage adviser — if you applied through a branch or directly with a BOI adviser, hand the documents to them or email them directly.
- Via your mortgage broker — if a broker is managing your application, they will submit all documents on your behalf.
- Online portal — BOI may ask you to upload supporting documents through their online mortgage portal. Check with your adviser for the current process.
Do not wait until the last minute. Gift letters are commonly requested early in the underwriting process, and delays in providing them can push back your mortgage approval timeline.
How Much Can Be Gifted?
There is no upper limit set by Bank of Ireland on the amount that can be gifted. However, the Central Bank of Ireland’s lending rules cap how much you can borrow relative to the purchase price:
- First-time buyers: You need at least a 10% deposit (90% LTV limit). A gift can make up part or all of this deposit.
- Second-time buyers: You need at least a 20% deposit (80% LTV limit).
For example, if you are a first-time buyer purchasing a home for €350,000, you need at least €35,000 as a deposit. A parental gift of €35,000 can cover this in full, provided it meets BOI’s requirements.
Note that if the gifted amount is very large, BOI’s compliance team may apply additional scrutiny under AML rules. This is standard practice across all Irish lenders and is not something to worry about if the funds are legitimate — just be ready to document the source thoroughly.
Frequently Asked Questions
Can my parents gift me the full deposit for a BOI mortgage?
Yes. Bank of Ireland permits the entire deposit to come from a gifted source, provided all requirements are met and the gift is properly documented.
Does the donor need to be Irish?
No. BOI does not require the donor to be an Irish resident or citizen. However, if funds are coming from overseas, additional documentation around the source of funds may be required.
Will Bank of Ireland contact my parents directly?
Generally no — BOI communicates with the mortgage applicant, not the donor. However, you should be prepared to provide the donor’s bank statements showing the funds.
How long does it take for a gift letter to be accepted?
Once submitted as part of a complete mortgage application, there is no separate processing time for the gift letter itself. It forms part of the overall underwriting review.
Can the gift be paid in stages?
BOI typically expects the gifted funds to be in the applicant’s account or available at drawdown. If the gift is being paid in instalments, discuss this with your mortgage adviser early on.
Ready to Work Out What You Can Borrow?
Now that you know how a gifted deposit works with Bank of Ireland, the next step is figuring out your full borrowing picture. Use our free Irish mortgage calculator to see how much you could borrow, what your monthly repayments might look like, and how a gifted deposit affects your options.
This article is for information purposes only and does not constitute financial or mortgage advice. Mortgage Bible is not regulated by the Central Bank of Ireland. Always speak to a qualified mortgage broker or lender before making any financial decision.
