Here’s How You Could Get Help with Your Deposit
Saving for your first home can seem like a daunting task, but you don’t always have to do it alone. Many first-time buyers receive financial support in one form or another, making homeownership more achievable than they first thought.
Whether you’re already saving or just starting to explore your options, it’s worth understanding the different ways you could receive help.
Ways to Boost Your Deposit
One of the most common forms of support is a gifted deposit from parents or close family members. This is money given towards your home purchase without the expectation of it being repaid, although lenders will usually ask for confirmation that it’s a genuine gift.
Not everyone receives a lump sum, though. Some buyers are helped by family covering living expenses while they save, allowing them to build their deposit more quickly. Others purchase with a partner, combining savings and income to increase affordability.
Depending on your circumstances, there may also be mortgage products that allow family members to support your application without gifting money directly.
Government Schemes That May Help
If you have a smaller deposit, there could still be options available.
Some lenders offer mortgages with deposits as low as 5%, supported by government initiatives designed to encourage lending to first-time buyers.
You may also qualify for schemes such as:
- Lifetime ISA (LISA) – Save towards your first home and receive a government bonus of 25% on eligible savings, subject to annual limits and scheme rules.
- Shared Ownership – Buy a percentage of a property and pay rent on the remaining share.
- First Homes Scheme – Eligible first-time buyers may be able to purchase selected new-build homes at a discounted price.
- Developer Incentives – Some housebuilders offer schemes that can reduce mortgage costs or provide other financial benefits on selected new-build homes.
Availability and eligibility vary, so it’s important to get advice based on your own circumstances.
Family Support Without Giving You Money
Many people still refer to “guarantor mortgages”, but these are less common today.
Instead, some lenders offer Joint Borrower Sole Proprietor (JBSP) mortgages. This allows a close family member to support your mortgage application by using their income to strengthen affordability, while you remain the sole owner of the property.
These arrangements aren’t suitable for everyone, and anyone supporting the mortgage needs to understand their responsibilities before proceeding.
Be Prepared
Whichever route you take, lenders will want to know exactly where your deposit has come from.
If money has been gifted or you’re receiving family support, you’ll normally need to provide documentation during the mortgage application process.
Being open and organised from the beginning helps avoid unnecessary delays later on.
Independent Mortgage Advice Can Make All the Difference
Every lender has different criteria, and the best option for one buyer may not be right for another.
As an independent mortgage adviser, I can explain the options available, help you understand how much you could borrow, and guide you through the process from start to finish.
If you’re thinking about buying your first home and would like honest, straightforward advice, I’d be delighted to help.
Mark Carney
Mortgage Adviser
📞 07729 876001
Get in touch today for a free, no-obligation chat about your mortgage options.