Family Boost mortgage

Struggling to save for a deposit? Our Family Boost mortgage means your family could help you by putting 10% of the agreed property purchase price into a 3 year fixed term savings account instead.

Family Boost video.
  • The property is all yours
    Only those named on the mortgage have the legal rights over the property no matter who helped.
  • Your payments stay the same
    You’ll be on a 3 year fixed interest rate mortgage, making budgeting easier each month.
  • The savings will earn interest 
    When the 3 year fixed term ends, your family member gets their savings back with interest, as long as your mortgage payments are up to date.

    Not sure if this is the right mortgage for you? Take a look at our other first time buyer mortgages.

You could lose your home if you don’t keep up your mortgage repayments

The savings

Your family member puts 10% of the agreed property purchase price into a Family Boost Fixed Savings Account. You can have help from two family members but only one savings account. Both names will be named on the account.

The money needs to be in the account at least 7 days before the mortgage completes. Once deposited in the account you cannot take this out for 3 years.

The mortgage

The money in the savings account acts as security for your mortgage.

Your mortgage will initially be a 3 year repayment mortgage. This means every month your payments reduce the amount you owe as well as paying off interest charges.

What's not included

Family Boost Mortgages can’t be used to buy new-build or self-build properties.

You also can’t use it to purchase a property under a Help to Buy, shared equity, shared ownership or Right to Buy scheme. Interest only mortgages are also not included.

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 currently possible to complete an online Agreement in Principle (AIP) for Family Boost mortgages.

Apply by phone

Call us on 0345 122 1603 to apply for our Family Boost mortgage. We’re open Monday to Friday 8am to 8pm and Saturday 9am to 4pm. We’re closed Sundays and Bank Holidays.

Book an appointment

We'll be in touch shortly to arrange an appointment that suits you either over the phone, by video or in branch.

Request an appointment.

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 its harder than ever for first time buyers to get on the ladder, you could give them a boost.
    • Get your money back plus interest after 3 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 your savings are being held as security against the mortgage, they will be locked away in a Family Boost Fixed Savings Account.

    Family Boost Fixed Savings Account

    Financial Services Compensation Scheme

    Financial Services Compensation Scheme logo. 

    More about the FSCS

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 and the basic legal fee when you use our conveyancing service.

Keep in mind

  • You should think about the impact having a low or no deposit might have. It can mean that there is 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?

Take a look at our other mortgages for first time buyers.

First time buyersmortgages.