Go paper-free
Amend paper-free preferences for your statements and communications.
Family Boost mortgage
Saving for a deposit takes time. Get on the property ladder faster with our Family Boost mortgage. It’s the mortgage option that lets family members help first-time buyers get their own home faster.
How it works
No first-time buyer deposit needed.
Instead, a family member puts 10% of the purchase price of your home into a 3-year fixed term savings account as security.
The savings will earn interest.
Your family member will get their savings back, with interest when the 3-year term ends, as long as your repayments are up to date.
It’s your home.
Only you, the first-time buyer, has your name on the mortgage and legally own the property.
Payments stay the same.
The mortgage will be on a fixed interest rate for three years, making it easier to budget each month.
You or your family member must have a Halifax Reward or Ultimate Reward Current Account before applying for a Family Boost mortgage. A monthly fee applies to the Ultimate Reward Current Account.
Watch our short video to find out more about a Halifax Family Boost mortgage (1 min 31 secs).
You could lose your home if you don’t keep up your mortgage repayments
How to apply
You can only apply for a Family Boost mortgage in branch or by phone, or on a video call.
It isn’t possible to complete an online Agreement in Principle (AIP) for Family Boost mortgages.
Things to consider
-
It’s probably taken a while for you to save. So, why use it as a security deposit for your family’s mortgage?
- Help your family member get their first home. Everyone knows it's harder than ever for first-time buyers to get on the ladder. But you could give them a boost.
- Get your money back plus interest after three years. That’s as long as the buyer doesn’t miss any mortgage payments or their home is not repossessed. Otherwise you could get back less than you deposited or we could keep your savings for longer.
- £300 cashback towards your legal fees. You’ll get this through the conveyancer when the mortgage completes.
While being held as security against the mortgage, we lock your savings in a Family Boost Fixed Savings Account.
More about the FSCSFinancial Services Compensation Scheme
It’s normal to have lots of questions about your mortgage. So what is it about Family Boost that makes it great for first-time buyers?
- You don’t need a deposit. You can borrow between 95% and 100% of the purchase price of your home.
- It’s your home. While your family members have helped you out with the deposit, your new home is all yours.
- Help when you need it. Our qualified Mortgage and Protection Advisers are ready to answer any questions either by phone or in branch.
- We’ll pay your standard valuation fee.
Keep in mind
- You should think about the affect having a low or no deposit might have. It can mean that there's a higher risk of negative equity. You are in negative equity if you owe more on your mortgage than what your house is worth.
- You or your family member must have a Halifax Reward or Ultimate Reward Current Account before applying for a Family Boost mortgage. A monthly fee applies to the Ultimate Reward Current Account.
- You could borrow up to a maximum of £500,000 for your mortgage.
- You need to be a first-time buyer who’s living and buying a home in England or Wales.
Not sure if this is the right mortgage for you?
Look at our other mortgages for first-time buyers.
You might also like
