Permanent TSB (PTSB) is one of Ireland’s main high street banks and a popular choice for first-time buyers. If you’re applying for a PTSB mortgage and part of your deposit is coming from a family member as a gift, you’ll need to provide a gift letter as part of your application. This guide covers PTSB’s requirements, who qualifies as a donor, and gives you a ready-to-use template.
Disclaimer: This article is for information purposes only and does not constitute financial advice.
PTSB Gift Letter Requirements
PTSB’s gifted deposit requirements follow the standard framework set across Irish mortgage lending. When submitting a gift letter to PTSB, the letter must clearly state:
- The donation is a gift, not a loan — no repayment is required or expected
- The donor holds no legal or beneficial interest in the property being purchased
- The source of the gifted funds is explained (e.g. savings, inheritance, proceeds from the sale of an asset)
- Both the donor and the mortgage applicant sign the letter
- The precise euro amount of the gift is stated
Alongside the signed letter, PTSB will typically ask for bank statements from the donor — usually the most recent 3 to 6 months — to verify that the funds exist and to satisfy anti-money laundering (AML) requirements.
One practical PTSB-specific note: PTSB has invested significantly in digitising its mortgage process. You are likely to be asked to upload documents through their online portal rather than bringing physical paperwork to a branch.
Who Can Give a Gifted Deposit to PTSB?
PTSB accepts gifted deposits from immediate family members only. Eligible donors are:
- Parents (including step-parents)
- Grandparents
- Siblings
Gifts from more distant relatives — aunts, uncles, cousins — or from friends are not generally accepted.
Free PTSB Gift Letter Template
Use the template below. Fill in all the details, have both parties sign it, and submit it to PTSB as directed by your mortgage adviser or broker.
GIFTED DEPOSIT DECLARATION
Date: ____________________
To: Permanent TSB Mortgage Underwriting
I/We, [Donor Full Name(s)], of [Donor Address], make the following declaration in respect of the mortgage application of [Recipient Full Name(s)]:
- I/We confirm that I/we am/are gifting the amount of €[AMOUNT] to
[Recipient Full Name(s)] to assist with the purchase of the property
at [Property Address].
- This is an outright gift. There is no obligation on [Recipient Full Name(s)]
to repay this sum, either in part or in full, at any time.
- I/We will have no legal interest, beneficial interest, or entitlement of
any kind in the above-mentioned property as a result of this gift.
- The source of these funds is: [e.g. personal savings / inheritance received
from [Name] in [Year] / proceeds from the sale of [asset]].
- I/We confirm that this money has not been borrowed from any third party.
Donor Signature: ____________________ Date: ________________
Donor Printed Name: ____________________
Recipient Signature: ____________________ Date: ________________
Recipient Printed Name: ____________________
How to Submit Your Gift Letter to PTSB
- Directly with PTSB: Your mortgage adviser will guide you on where to upload or send documents. PTSB’s online portal is the most common channel.
- Via a mortgage broker: Your broker will compile all supporting documents and submit them as part of the full application pack.
- In branch: PTSB has branches in most major Irish towns and cities — call ahead to confirm the branch can accept mortgage documentation.
Do not delay on the gift letter. PTSB underwriters will not progress your application to full approval without all required documentation in place.
How Much Can Be Gifted?
PTSB does not impose a cap on the amount that can be gifted. The limits that apply are the Central Bank of Ireland’s mortgage lending rules:
- First-time buyers: A minimum 10% deposit is required (maximum LTV of 90%). A parental gift can cover all or part of this.
- Second-time buyers: A minimum 20% deposit is required (maximum LTV of 80%).
Emma and Ciarán are buying their first home for €320,000. They need a minimum deposit of €32,000 (10%). Emma’s parents gift them €20,000 and they have saved €12,000 themselves. PTSB can accept this combination — gifted funds do not need to make up 100% of the deposit.
Frequently Asked Questions
Does the gift letter need to be witnessed or notarised? No. PTSB does not require a witness or notarised signature for a standard gift letter.
My parents are gifting from their savings and their investment account — do I need two letters? If the funds are coming from two different sources, it is cleaner to specify both sources in a single letter.
Can both parents jointly gift and sign the same letter? Yes. A joint gift from both parents is entirely acceptable. Both should be named as donors and both should sign the letter.
We’re using a Help to Buy (HTB) refund as well as a gift — is that a problem? No. PTSB accepts Help to Buy refunds and gifted deposits as part of the same deposit. Just ensure all sources are clearly documented separately.
Calculate Your PTSB Borrowing Power
Use our free Irish mortgage calculator to estimate how much PTSB could lend you and compare repayment scenarios at different rates.
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.
