Your family can help without gifting you money

There are lots of ways your family can help that doesn’t necessarily involve gifting you cash towards your deposit.

Bank of Mum and Dad to help you get you moving

Buying your first home can sometimes feel like an unattainable goal. The search for a property within budget is challenging, it takes a long time to save and many buyers are faced with the prospect of flying the nest later than anticipated. This was how the future appeared to be shaping up for Emily Lyle, who couldn’t have bought her first home without the help of her mother who topped up her deposit. Emily recently moved into her luxurious two-bedroom, third floor apartment by Weston Homes.

Asking parents to contribute towards a deposit means you can borrow less, have a lower loan to value (LTV) and in turn access a lower interest rate. Taking out a longer-term mortgage between 35 and 40 years will also make repayments more affordable, these terms can be reduced later if you can afford higher monthly repayments or the interest rates come down.


Interest earning gifts sweeten the deal

A growing number of lenders are giving family members the option to deposit cash up to 20% of the purchase price to act as a deposit in a savings account which pays interest.

Savings can also be gifted in an off-set mortgage account where interest is paid on the difference between the total value of the mortgage and the savings in the account at any one time, so the bigger the gift the lower the repayment.


Get a generational income booster

Income Boosters offered by some lenders including ‘Generation Home’ allow you to have up to six family members as your Income Booster. The “boosters” can choose to contribute an amount each month or be responsible for the mortgage payments if they are missed. This can help maximise the amount of lending available to you.

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Consider a lifetime lifeline

Parents aged over 55 can consider a lifetime mortgage, often with a fixed interest rate, where a long-term loan is secured against their home if there are no other debts secured against it. When their property is eventually sold, the loan is repaid from the remaining equity. Before this, they won’t have to make any repayments on the loan as the interest is added to the debt and charged on an increasing sum; most lifetime mortgages have a fixed interest rate.


Using property as security

A parent or family member can offer equity usually up to 20% of the value of the property you are buying, by agreeing to a legal charge on their own property as security. This means their property cannot be sold until it’s repaid. Once again, this will help to reduce monthly payments by accessing a lower interest rate and it could enable you to buy a bigger home now and avoid moving again later.


Not to be missed tax savings

Parents can gift up to £3,000 every year each as well as carrying forward unused exemptions from the previous year without you having to pay inheritance tax. As an added incentive, first-time buyers pay zero stamp duty on the first £425,000 on homes up to £625,000 until 31st March 2025.


Weston Homes is here to help too

Weston Homes is also supporting first-time buyers with savings up to £20,000 available.* Our fully inclusive premium specification is fitted to every home at no extra cost, allowing first time buyers to simply move in and avoid any of the costly maintenance required in an older home.

Our friendly Sales Consultants can help to put you in touch with an independent financial advisor who can provide you with free, no obligation advice and more information regarding these options.


Weston Homes builds new and converted one-to-four-bedroom luxurious homes across London and the south-east. Every development is in a commuter hotspot, just a 15-minute walk to a tube or train station with direct connections into London.

To book your private viewing call 01279 873 300. Marketing Suites and Show Homes are open daily from 10am to 5pm.

*Terms and conditions apply, incentive varies by development.