Family Support Mortgages
Family Help to Buy: Guarantor and Family Support Mortgages
Parents and family can help you buy in more ways than handing over a deposit. Gifted deposits, joint borrower sole proprietor mortgages and savings backed deals can all help. Here is how each one works.
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Ways Family Can Help
It Is Not Just About the Deposit
Family can help with the deposit, the income, or by putting savings up as security.
- ✓Gifted deposit: money given with no expectation of it being paid back
- ✓Joint borrower sole proprietor: a family member helps with income but is not on the title
- ✓Savings as security: some lenders let family savings stand in for a deposit
- ✓Guarantor: someone agrees to cover payments if you cannot
How We Help
How It Works
Five things to think about first.
Talk It Through
Everyone needs to understand what they are signing up to.
Check Both Sides
Lenders look at the helper's finances too, not just yours.
Get Separate Advice
Family members helping should get independent legal advice.
Paperwork
Gift letters, proof of funds and ID will all be needed.
Plan for the Unexpected
Life insurance can protect everyone involved.
Your Options
Ways Family Can Help You Buy
Each one suits different situations.
Joint Borrower Sole Proprietor
A parent's income helps you borrow more, but you own the home.
Talk It Through →Family Savings as Security
Savings are held for a set time so you can borrow more.
Get Straight Advice →Common Questions
Family Support Questions, Answered
The things families ask us most.
Can my parents help me get a mortgage?
Yes, through a gifted deposit, joint borrower sole proprietor mortgage, savings backed deal or as a guarantor.
What is a joint borrower sole proprietor mortgage?
A family member is on the mortgage to help with affordability but not on the title, so they do not own the home.
Do guarantor mortgages still exist?
A few lenders still offer them, but other family support options are more common now.
Does a gifted deposit need to be paid back?
No. Lenders need it to be a genuine gift, confirmed in a gift letter.
Will helping affect my parents' finances?
It can. They may be responsible for payments, and it can affect their own borrowing.
Should my family get legal advice?
Yes. Anyone helping should get independent legal advice before signing.
Related guides
- Gifted deposit mortgages
- Buying with a 5% deposit
- LIFT shared equity scheme
- Buying a house with a friend
- All mortgage questions answered
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
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Family Want to Help?
Fill in the form and we will be in touch within one working day. We will explain each option and find the one that fits your family.