Can My Parents Help Me Buy My First Home? (UK Guide for First-Time Buyers)

Buying your first home can feel difficult, especially when saving for a deposit and meeting affordability checks at the same time.

Because of this, many first-time buyers receive help from family when purchasing their first property.

There are several ways parents can support a home purchase, ranging from gifted deposits to helping with mortgage affordability.

This guide explains the different ways parents may be able to help you buy your first home and what lenders usually require.

⚠️ This article is for general information only and does not constitute mortgage advice. Mortgage eligibility depends on individual circumstances and lender criteria can change.

Gifted deposits from parents

One of the most common ways parents help their children buy a home is by providing a gifted deposit.

This is where a parent gives money towards the deposit without expecting the money to be repaid.

Most lenders accept gifted deposits from close family members, but they will usually require:

• A gifted deposit letter confirming the money is a gift
• Proof of where the funds have come from
• Identification documents from the person providing the gift

The person giving the deposit must confirm they will not have any ownership of the property and do not expect repayment.

Gifted deposits are very common for first-time buyers and are widely accepted by lenders when properly documented.

Joint Borrower Sole Proprietor (JBSP) mortgages

Another way parents can help is through a Joint Borrower Sole Proprietor mortgage, often shortened to JBSP.

With this type of mortgage:

• Your parent, family member, or friend helps with the mortgage affordability
• Their income can be used to increase borrowing capacity
• They are named on the mortgage but not on the property deeds

This means they help support the mortgage payments if needed but do not own the property.

These arrangements are often used when a buyer’s income alone is not enough to meet the lender’s affordability checks.

However, anyone helping will still be legally responsible for the mortgage, so lenders will assess their finances carefully.

Guarantor mortgages

Some lenders offer guarantor-style mortgages, where a parent agrees to guarantee the mortgage.

This means if the borrower cannot make the mortgage payments, the parent becomes responsible.

Because this involves significant responsibility for the guarantor, lenders assess these arrangements very carefully.

Guarantor mortgages are less common than they once were, but some lenders still offer similar structures.

Family support mortgage schemes

Some lenders offer products where family members can support a mortgage without gifting money directly.

For example:

• Barclays Family Springboard Mortgage – allows a family member to place 10% of the property value into a savings account as security for the mortgage.

The money remains in the savings account for a fixed period (usually around five years) and is returned with interest if the mortgage payments are maintained.

This allows buyers to purchase with little or no deposit while giving the lender additional security.

What lenders will check

When parents are helping with a property purchase, lenders will usually assess:

• The relationship between the buyer and the person helping
• The source of any funds provided
• Whether the arrangement is a gift or loan
• The financial position of anyone involved in the mortgage

These checks are designed to ensure the mortgage remains affordable and transparent.

Things parents or anyone helping should consider

Helping a child, friend, sibling, or other family member buy their first home can be incredibly rewarding, but it’s important they understand the potential responsibilities involved.

Depending on the arrangement, they may:

• Be financially responsible for the mortgage
• Have their finances assessed by the lender
• Affect their own future borrowing ability

Because of this, it’s important that all parties fully understand the structure being used.

Something important to consider with JBSP mortgages

When parents are involved in a Joint Borrower Sole Proprietor mortgage, their age can affect the mortgage term.

Because parents are usually older than the buyer, lenders may limit the mortgage term based on their expected retirement age.

This can sometimes result in:

• A shorter mortgage term
• Higher monthly payments

However, some lenders offer split-term mortgages, where:

• The parent’s portion of the mortgage has a shorter term
• The buyer’s portion can run for a longer term

This can help keep the monthly payments more manageable while still benefiting from the parent’s income for affordability.

Final thoughts

There are several ways parents can help first-time buyers purchase their first home, including:

• Gifted deposits
• Joint borrower mortgages
• Family support mortgage schemes

Each option works slightly differently, and the most suitable choice depends on individual circumstances.

Understanding these options early can help families plan the most appropriate route onto the property ladder.

This article provides general information only. Mortgage eligibility and suitability depend on individual circumstances and lender criteria can change. A mortgage adviser can help explain which options may be available in your situation.

Based in Brecon, Powys, I support first-time buyers locally and across the UK with clear, jargon-free mortgage advice tailored to their individual circumstances.