Saving for a deposit can be one of the biggest challenges when buying your first home, but there are now more options available to help make this more achievable.

Some lenders offer mortgages with lower deposit requirements, and in certain cases, there are even options for buyers with little to no deposit, depending on their circumstances.

For example, some lenders have introduced “rent track record” schemes, where your history of paying rent on time may be used to support your application, potentially allowing you to buy without a traditional deposit.

These types of options aren’t suitable for everyone, but they can be a great solution in the right situation.

I’ll help you explore what’s available and whether any of these options could work for you.

Getting help with your deposit can make a real difference when it comes to getting onto the property ladder.

A gifted deposit is when someone gives you money towards your deposit, with no expectation of it being repaid. This is often a family member, but in some cases, certain lenders may accept gifts from others, such as friends, employers and builders, depending on their criteria.

In some situations, it may also be possible to use borrowed funds towards a deposit. However, this isn’t accepted by all lenders and will be carefully assessed as part of your overall affordability.

Having a larger deposit can improve your mortgage options and may help you access better rates.

Lenders will usually require confirmation of where the deposit has come from, along with some standard checks. I’ll guide you through exactly what’s needed and help you understand what’s acceptable based on your circumstances. 

Every lender has different requirements, getting the right advice early on is key.

If you’re exploring ways to fund your deposit, I can help you understand your options and structure your application in the best possible way.

Sometimes the challenge isn’t the deposit, it’s how much you can borrow based on your income.

There are options available to help boost affordability, including Joint Borrower Sole Proprietor (JBSP) mortgages, once known as GUARANTOR Mortgages. These allow someone else, often a family member, to support your application by adding their income, without being named on the property itself.

This can help increase the amount you’re able to borrow, making more properties accessible to you.

It’s not just limited to parents, depending on the lender, other people may be able to support your application too. Each lender has their own criteria, so it’s important to explore what’s possible based on your situation.

These types of arrangements can be really helpful, but they do need to be structured correctly to make sure they work for everyone involved, both now and in the future.

I’ll guide you through how it works, what to consider, and whether it’s the right option for you.

Could a family member or someone close to you help you boost your borrowing power?

For some buyers, affordability can be a challenge early on, especially if your income is still growing or you’re at the start of your career.

There are options available that allow you to include someone else on the mortgage to help boost affordability, even if they are not intended to be part of the long-term arrangement.

For example, some lenders offer “income booster” style solutions, where a second applicant can support the application initially. As your income increases over time, there may be options to review the mortgage and potentially move to a position where you can manage it independently, subject to affordability and lender criteria at the time.

This can be a useful way to get onto the property ladder sooner, while still working towards owning the mortgage in your own right in the future.

As with all schemes, it’s important to understand how it works, what the long-term plan looks like, and any implications for everyone involved.

I’ll help you explore whether this type of option could be suitable and guide you through the process from the start.

Could a short-term boost help you take your first step onto the property ladder sooner?

Shared Ownership allows you to buy a percentage of a property and pay rent on the remaining share.

This can make the upfront costs more manageable, as you’ll usually need a smaller deposit and mortgage compared to buying outright.

Over time, you may have the option to increase your share in the property (known as “staircasing”), depending on your circumstances.

It’s important to understand the ongoing costs involved, including rent and service charges, as well as how it may affect your future plans.

Rent to Buy schemes are designed to help you save for a deposit while renting a property.

Typically, you’ll rent the home at a reduced rate for a set period of time, giving you the opportunity to build up savings. At the end of that period, you may have the option to purchase the property.

This can be a helpful stepping stone if saving for a deposit is your main challenge.

As with any scheme, it’s important to understand the terms, timelines, and what options are available to you at the end of the rental period.

New build properties can be an attractive option for many buyers, offering modern homes, energy efficiency, and the opportunity to move into a property with no previous occupants.

They can also come with incentives from developers, such as contributions towards your deposit, legal fees, or upgrades to the property.

However, there are some important things to be aware of when buying a new build. Lenders can have different criteria compared to standard properties, particularly around deposit requirements and property valuation.

There are also key timelines to consider, especially if you’re buying “off-plan”, as well as factors like leasehold terms (where applicable), service charges, and future resale considerations.

New builds can be a great option in the right circumstances, but it’s important to go in with a clear understanding of how the process works.

I’ll help you navigate the options, understand any incentives being offered, and make sure everything is structured correctly from a mortgage perspective.

The First Homes Scheme is a government-backed initiative designed to help first-time buyers purchase a home at a discounted price.

With this scheme, eligible buyers can purchase a property at a reduced market value—usually at least 30% less than the full price. This discount remains with the property, meaning it will also be sold at a reduced rate to future buyers.

This can make getting onto the property ladder more accessible, particularly in areas where property prices may otherwise feel out of reach.

As with all schemes, there are eligibility criteria to consider, including income limits and local requirements, and not all properties will qualify.

I’ll help you understand how the scheme works, whether it could be suitable for you, and what to be aware of before moving forward.