Visit the deposit booster page on our website for more information about the deposit booster proposition.
Deposit boosters help with the deposit in return for a protected financial interest in the property.
This is done through an interest-free loan or an equity loan. Loans can be converted into a gift at any time.
An interest-free loan is a straightforward loan – you get back what you put in.
With an equity loan, the booster's stake increases or decreases in line with the property value.
A booster’s capital is ring fenced to preserve a first-time buyer’s stamp duty status.
We provide the deposit booster legal agreement free of charge and manage the loan repayment.
There is no maximum number of deposit boosters for a mortgage application. Deposit boosters do not need to be UK residents, however, funds from the deposit booster must come from a UK-based bank account and be in the UK for 3 months prior to funds being released.
Deposit boosters must take independent legal advice (ILA) at their own cost before signing the deposit booster agreement.
Deposit boosters are not allowed to reside in the property.
Requirements for a deposit booster:
- Contact details (phone number, email and full name)
- National Insurance number
- Date of birth
- Latest 3 years of address history
- Details regarding deposit contribution, including amount, source and terms (specifying interest-free or equity stake)
- Proof of identification and address
Checks we carry out (KYC):
- Fraud
- PEP, sanction and media checks
- Address
- Identification
- Source of fund checks (where required)