What Mortgage Options Are Available for First-Time Buyers?

 

Becoming a first-time buyer is a huge milestone. It’s exciting, it’s a little nerve-wracking, and for many people it’s the first step towards long-term financial security.

But let’s be honest it can also feel confusing!

Deposits, lender criteria, affordability checks, legal paperwork… it’s a lot to take in when you’re new to the process.

The good news is there are more options available to first-time buyers than many people realise. At Quealy & Co Financial Services Ltd., we help buyers in Kent and beyond understand exactly what’s possible and what’s realistic for their situation.

Here’s a clear guide to some of the main specialist mortgage options available to first time buyers.

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1. Family Assistance Mortgages

A Family Assist Mortgage (sometimes called a Family Mortgage) allows family members to help you buy a home using their savings or property as security.

This support usually means a lump sum is placed into a linked savings account as additional security to the lender, some schemes allow borrowing up to 100% of the property value meaning no traditional deposit is required.

This can be incredibly helpful if you have family willing to support you but haven’t yet built up savings yourself. However, it’s important to understand the risks. If repayments aren’t maintained, the family member’s funds or property could be affected.

Different lenders structure these arrangements in different ways. The detail matters.

At Quealy & Co Financial Services Ltd., we’ll explain how each lender approaches family support mortgages and whether this route genuinely suits your circumstances.

2. Gifted Deposits

A gifted deposit is one of the most common ways first-time buyers get help onto the property ladder.

This is where money usually from parents or close family is given to you towards your deposit. It might cover:  

• Part of your deposit
• Or the entire deposit amount

However, lenders are very clear: it must be a genuine gift, not a loan.

That means:  

• The money cannot need to be repaid
• The person gifting it cannot have any legal interest in the property
• A formal gifted deposit declaration will normally be required

There are also checks around the source of funds, identity verification and anti-money laundering requirements. It’s not just a case of transferring money into your account.

At Quealy & Co Financial Services Ltd., we know which lenders are more flexible, what documentation will be required and how to structure your application properly to avoid delays.

3. Joint Borrower Sole Proprietor (JBSP) Mortgages

A Joint Borrower Sole Proprietor (JBSP) mortgage allows multiple people to be named on the mortgage, while only one person owns the property.

In practical terms:  

• A parent or family member helps boost affordability
• Everyone named on the mortgage is responsible for repayments
• Only the buyer legally owns the property

This can increase how much you’re able to borrow, especially if your income alone wouldn’t quite meet lender affordability criteria.

Many lenders now offer versions of JBSP mortgages, although they may use different names such as “Income Booster” or “Family Support” products.

At Quealy & Co Financial Services Ltd., we’ll assess your affordability carefully and explain whether this type of arrangement is appropriate for you and your family.

There can be legal and tax considerations, including potential implications around stamp duty, capital gains tax and inheritance tax. This is not something to arrange without proper guidance and you will need to consult a tax specialist on this point.

When Should a First-Time Buyer Speak to a Mortgage Adviser?

Earlier than you think.

Many first-time buyers wait until they’ve found a property. Getting advice first gives you clarity on:  

• How much you can borrow
• What deposit you’ll need
• What your monthly payments may look like
• Which lenders are most suitable for your situation

As an independent adviser, Quealy & Co Financial Services Ltd. is not tied to one lender. We search the market and recommend a mortgage based on what suits you, not what suits a bank.

Buying your first home should feel exciting, not overwhelming. The right advice can save you stress, time and potentially a significant amount of money over the life of your mortgage.

Ready to Take the First Step?

If you’re a first-time buyer and want clear, tailored advice based on your personal circumstances, we’re here to help.

Call Quealy & Co Financial Services Ltd. on 01795 505761
Email mortgages@quealy.co.uk

Let’s have a proper conversation about buying your first home and create a mortgage strategy that works for you.

Your home may be repossessed if you do not keep up repayments on your mortgage.
Quealy & Co Financial Services Ltd. is authorised and regulated by the Financial Conduct Authority No. 919693.