Family Assisted Mortgage Advice
Buying a home with help from your family? Whether your parents can contribute savings, provide additional security or support your mortgage affordability, we can help you explore family assisted mortgage options.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Why choose us
Helping you buy a home with family support.
Family-assisted mortgages can involve more than one person's finances. Our advisers compare options from over 50 lenders, explain the requirements and help you find a suitable mortgage for your circumstances.
Family Mortgage Options
From gifted deposits to joint borrower mortgages, we'll help you explore the different ways your family could support your home purchas
Understand Your Eligibility
Your income, affordability and family circumstances can affect your options. We'll explain the lender requirements and risks for family members.
Expert Mortgage Support
From comparing suitable lenders to completing your application, your dedicated mortgage adviser will guide you through every step.
Family members can support affordability using their income without necessarily becoming owners of the property.
Family savings are held in a linked account to reduce the mortgage interest charged, subject to lender conditions.
Some lenders allow family savings to be used as additional security, potentially helping buyers with smaller deposits.
A family member provides a guarantee for the mortgage, accepting financial responsibility under the lender's terms if repayments aren't maintained.
Parents or relatives can contribute towards a deposit, helping buyers access mortgage products that might otherwise be unavailable.
If you fall behind on repayments, a family member providing a guarantee or additional security could be financially affected. Depending on the mortgage arrangement, their savings or property may be at risk.
Some family-assisted mortgages require relatives to use savings or property as security. These funds may be restricted for an agreed period, and the family member could lose money if the mortgage conditions aren't met.
If a family member needs access to their savings, retires or experiences financial difficulties, changing the mortgage arrangement may not be straightforward. Some lenders require affordability reassessments before releasing family members from their obligations.
Questions
Family Assisted Mortgage
Yes. Parents and other family members can help you get a mortgage in several ways, including gifting a deposit, using their savings as security, acting as guarantors or joining a Joint Borrower Sole Proprietor (JBSP) mortgage. The best option depends on your income, deposit and family circumstances.
A Joint Borrower Sole Proprietor (JBSP) mortgage allows a family member, often a parent, to combine their income with yours to support your mortgage application without becoming a legal owner of the property. All borrowers are responsible for the mortgage repayments, and lenders will assess their income, age and financial commitments.
Not necessarily. If your parents help through a gifted deposit or a Joint Borrower Sole Proprietor mortgage without becoming legal owners, their involvement would not normally trigger the additional property Stamp Duty surcharge in England. However, if they become joint owners and already own another property, higher Stamp Duty rates may apply.
Yes, potentially. With a Joint Borrower Sole Proprietor mortgage, you may be able to remove your parents when your income is sufficient to support the mortgage independently. This usually requires lender approval and a new affordability assessment. Removal isn't guaranteed, so it's important to understand the conditions before applying.
No. Although family-assisted mortgages are popular with first-time buyers, some lenders also offer options for home movers and existing homeowners. Family support may help with affordability, deposit requirements or borrowing capacity, depending on the lender and mortgage arrangement.
A family-assisted mortgage could increase your borrowing capacity by allowing a lender to consider a family member's income alongside yours. The amount depends on combined income, existing debts, monthly commitments, ages and the lender's affordability criteria. A mortgage adviser can compare lenders to establish how much you may be able to borrow.