Family Boost mortgage
Saving enough for a mortgage deposit is hard. But our new Family Boost Mortgage can help first time buyers onto the property ladder quicker – Halifax makes it happen.
- No borrower deposit required - instead, your family puts 10% of the agreed property purchase price into a 3 year fixed term savings account.
- It’s all yours - only those named on the mortgage have the legal rights over the property no matter who helped.
- Your payments stay the same - because 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 will get their savings back with interest, as long as your mortgage payments are up to date.
You could lose your home if you don’t keep up your mortgage repayments
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.
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.