Deposit booster
Afford more, start owning sooner
Boost your buying power and get on the ladder sooner with a deposit booster.
What
is an deposit booster?
Someone you know – a friend or family member.
Why
deposit boost?
Two-thirds of first-time buyers get help with their deposit. With high-street lenders, the only way is a gift.
But gifters have to promise they don’t expect to be paid back. And asking for unconditional money is awkward.
With a deposit boost, you’ve got options.
Boosters can often help more, since they’ll get some of it back later. And parents could support more than one child with the same pot of money.
Who
can be an deposit booster?
Someone you know who wants to contribute to your deposit in different ways.
How
many deposit boosters can I have?
It’s up to you – there’s no maximum.
Deposit loan
An interest-free loan, from them to you. Pay them back later simply and securely.
Equity loan
An investment in your property that goes up or down with your home’s value. They can cash out when it suits you both (subject to criteria).
Gift
Your booster can always gift, too. Or turn a loan into a gift later. And with a Gen H home agreement, your booster can choose who on the mortgage gets to keep it.
How it works
Answers for the group
You and your booster can decide that together. You could make regular payments to them, or wait until you remortgage or sell your property.
No! Deposit boosters don’t have to be UK residents, as long as their funds come from a UK bank account.
It’s a legal agreement between you and your booster. It lays out what they’re contributing, and when, how, and how much you’ll repay them.