Family Springboard Mortgage
Buy your home without a borrower deposit
Through our Family Springboard mortgage, you can buy your home without a borrower deposit if your family or loved ones can provide 10% of the property’s price as security.
- Available to first-time buyers and movers
- Your family get their money back with interest if you keep up your repayments
- Pay a fixed rate for 3 years
Your home may be repossessed if you do not keep up repayments on your mortgage.
How it works
For the property buyer
- Apply for a Family Springboard mortgage of up to £500,000 on a property in the UK, without a borrower deposit
- Pay a fixed rate of interest for 3 years – when that ends we’ll move you to a LifeTime Tracker Mortgage
- You retain full rights over the property – your helper isn’t a guarantor
For the helper
- They open a Helpful Start Account with 10% of your purchase price at the same time you apply
- They get their savings back after 3 years with interest, as long as you keep up the repayments
If you miss repayments, we may retain their money for a further period
Our current rates
This table outlines what the initial interest rate will be, as well as the follow-on rate, the amount you can borrow and any application and early repayment charges. You can sort any of the columns by selecting the column title.
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Initial interest rate
Follow on interest rate
Overall cost for comparison
Loan to value
Early repayment charge
Getting legal advice
Before we agree to lend you money under the Family Springboard Mortgage, you’ll need to give us the contact details of the solicitor who is giving you advice about taking out this mortgage. This can’t be the same solicitor who is handling the purchase of the property, but it can be someone from the same company. You’ll need to pay their fees.
Getting independent legal advice is important, and your solicitor will explain the implications and risks associated with taking a Helpful Start Account as part of the Family Springboard mortgage.
Two important issues they’ll explain fully to you concern what happens if the property buyer can no longer make their mortgage repayments. If that happens, we’ll keep the money the helper deposits in the Helpful Start Account.
And if we need to repossess the property, the helper could lose money if there’s a shortfall between the money we’re owed and the amount we sell the property for.
More ways to buy your home
Help to Buy mortgage guarantee
Apply through the government’s Help to Buy mortgage guarantee scheme, and you could get a mortgage with a deposit of between 5% and 30%.Explore mortgage guarantee
Combine your income with your parents’ income to get a joint mortgage that may help you get on or move up the property ladder.Explore Helpful Start
Help to Buy equity loans
Government equity loans increase the deposit you can provide so you can choose from a wider range of mortgage deals for new-build properties.Explore equity loans
Buying a share of a property with a housing association means you can apply for a smaller mortgage amount – and buy more shares later if you choose to.Explore shared ownership
Buying a home with other people
If you can’t afford a place of your own, buying with other people could help you all get on the property ladder.Explore buying with others
Subject to status and availability. You must be 18 years old or over to apply for a mortgage.
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