How your family can help you

There’s no doubt that getting onto the property ladder is incredibly difficult, especially now with house prices on the rise. There are some great government-backed schemes out there to help first-time buyers and encourage more young people to buy property, but have you ever thought about looking a bit closer to home for help? If you have family members who already have a mortgage or a property, perhaps your parents or grandparents, there are a few ways that they might be able to help you!

Equity Release

Equity release is a way of accessing the value built up in a property in the form of a tax-free lump sum. If you have a family member who is over 55 years of age and who owns their property, this could be a great way for them to help you out that won’t cost them or affect their home-owner status. They can draw the equity out of the property and gift it to you as a deposit for your own home.


Joint Borrower Sole Proprietor Mortgage

In a nutshell, this is where you get a mortgage with a family member. They accept joint responsibility for the mortgage payments, but only you own the property. This is a great option if you are a single applicant and your income alone doesn’t allow you to borrow enough for a property.


If you have a family member who already has a mortgage, they may be able to borrow more against their property to help you put down a deposit. If they are able to find the right deal, this may not even affect their monthly repayments too much.