Overview

• Loans are available up to £350,000 with a minimum 2% deposit or £5,000, fixed at 5.25% for five years on terms up to 35 years.
• Deposits must come solely from the borrower’s savings, with any gifts or loans from family or other third parties excluded.
• Mortgage brokers describe the outright ban on parental help as unusual, noting most lenders accept gifted funds subject to declarations.
• Savills estimates 52% of first-time buyers received family support last year, totaling about £9.6bn, underscoring how common such help is.
• Competing options include cheaper 5% deals, 1% deposit products, and some 100% mortgages under strict conditions, while experts caution that high loan-to-value borrowing carries higher rates and greater negative‑equity risk.