21 April 2021

Helping Hand mortgage for first time buyers

If you’re struggling to borrow enough to buy your first home, we may be able to give you a Helping Hand.

From April 26, we are launching our Helping Hand mortgage. Giving first time buyers the option of borrowing up to 5.5 times their income when taking a 5 or 10 year fixed rate up to 90% Loan to value (LTV). And you’ll get all the same features and benefits.

Helping aspiring homeowners buy their first home was one of our founding principles. But we know it’s become harder than ever to realise that dream.

The average price of a first time buyer property has increased 41% in the past 10 years with average income rising by just 18%. Affordability remains a key issue stopping many from owning a house.

This is why we’ve created a £1 billion fund to help those who can’t quite afford their first home. It means a first time buyer couple with a joint income of £50,000 can now borrow up to £275,000 with Helping Hand. Rather than the £225,000 they could borrow previously. Assuming a 10% deposit and no other costs impacting affordability.

Applying for helping hand

To apply for a Helping Hand you need to:

  • be a first-time buyer. To us, this means you will not have had a mortgage in the last 3 years. If applying jointly, both applicants need to be first-time buyers
  • have at least 10% deposit.
  • take out a 5 or 10 year fixed rate product.

You cannot apply for a Helping Hand if you, or anyone you’re applying with, is:

  • self-employed.
  • using an affordable homeownership scheme such as Help to Buy, shared ownership, Right to Buy or Forces Help to Buy.

In the last financial year, we helped one in six first time buyers and expanded our higher LTV lending to house purchasers and existing members moving home.

Find out more about our Helping Hand mortgage

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