Family Assist Mortgages, the Best Gift.

Richard Groom
Posted on by Richard Groom

Family Assist Mortgages, the Best Gift.

With getting on the property ladder becoming increasingly expensive, it isn’t a surprise that the average first time buyer age is increasing(1). Contributed to by the rising property prices, the knock on effect of increasing deposit amounts, and other costs such as solicitors fees, just getting the first foot on the ladder can prove difficult for many prospective borrowers.

A study by Santander(2) showed that 39% of recent first time buyers received assistance from family members, and 10% had to rely on a boost from inheritance in order to make their first step onto the ladder.

In response to this, many lenders are now offering specific first time buyer schemes. Here at The Tipton, our Family Assist Mortgage is available to help you make that all important first move.

What is a Family Assisted Mortgage?

While some are called Family Boost, Springboard or no borrower deposit mortgages, the underlying principle is similar for all.

Here at The Tipton, our Family Assist Mortgage allows you to make that first move. With the help of a family member, the added boost can allow you to borrow 100% of the property price.

While many of the products in the market require a monetary transaction from a family member (e.g. putting a deposit into one of the lenders savings accounts), here at the Tipton, we have multiple options.

Our Family Assist Options

To allow a mortgage with no borrower deposit, our Family Assist Mortgage, also known in the market as a Family Savings Mortgage, has two ways that your family member can help give you that boost you need:

  1. Savings Deposit Option
  2. Collateral Charge Option

This means that mum, dad, or another family member can help give you that first step by either accepting a 20% charge on their own property, or by putting 20% of the amount you’re looking to borrow into our Family Assist savings account.

If you would like to know more about family assisted mortgages, visit (

Savings Deposit Option

With The Tipton’s savings option, your family member can assist you in securing your own home by simply placing 20% of the amount you’re looking to borrow into our Family Assist savings account.

This specialist account is designed for family members looking to give you that added boost. Once you have made enough monthly repayments on your mortgage, so that you own 20% of the property’s value, your family member will be free to withdraw their savings with us.

Not only will they benefit from helping you, but your family member will also earn an amount of interest on their savings with us.

Collateral Charge Option

This option is perfect if your family member is not cash rich. While all of our families would help if they were in the position to do so, it isn’t always practical. Our collateral charge option means they don’t have to part with any money.

While a collateral charge can sound scary, in reality is it simply a way for us to secure your borrowing against a family member’s property.

In order for you to borrow up to 100% of the property price, with no borrower deposit, we would need to secure a 20% charge on your family member’s property. For example, if you were looking to borrow £150,000, we would need to secure £30,000 against their property. More information can be found on our product page, by clicking here (