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Online Service update. Due to planned essential maintenance, our Online Service will not be available between the hours of 8:00 am until 6:00 pm on the 15 December. We apologise for any inconvenience this may cause.
Can I get a mortgage for less than my rent?
Having been renting for years and saving a small deposit to buy your first home, can a mortgage cost less than renting?
It’s possible yes and would depend on your income affordability, outgoings and the term you want to repay the mortgage over.
You'll need a deposit of at least 5% of the property value and you’d need to go through a mortgage advice process to establish what type of products are available, the monthly mortgage payments and costs including valuation, legal fees and stamp duty.
Products are available specifically for first time buyers with small deposits and these sometimes include help with some of the costs involved and low fees. The interest rate on loans with smaller deposits will be higher than for other loans.
Family assistance
One way to reduce the cost is through mortgages that allow other family members to provide extra security, either through a charge over their own property or their savings. This can reduce the interest rate and by offsetting savings family members can also help reduce the monthly payment.
Find out how our innovative award-winning Family Mortgage can help buyers
with a low deposit to purchase a property, using security provided by their family.
First time & family assisted mortgages
We offer a range of traditional and innovative mortgages to help customers achieve their dream of getting onto the property ladder.