Deposit booster FAQs

Anyone can be a deposit booster, and they don’t have to be a UK resident.

Deposit boosters can contribute up to 100% of the deposit as an interest-free loan or an equity loan.

Owners can repay deposit boosters on a schedule that works for them – with ad hoc payments, at remortgage, or at sale.

In order to make a repayment, the owners just need to let us know how much they’d like to repay and send us the money. We’ll confirm the deposit booster’s banking details, send the money on to them, and record it in our system.

No, deposit boosters aren’t on the mortgage, nor are they liable for it.

If the owners stop making payments and we are forced to repossess the property, the deposit boosters will be paid back after us.

That means if the value of the property has gone down, and there isn’t enough to fully pay us back for the mortgage, the deposit booster could lose money.

If this happens and there’s more than one deposit booster, they’ll be paid back proportionally from whatever money, if any, is left over after we are paid back from the proceeds.

It’s important that deposit boosters know this is a possibility, however, it is a very unlikely scenario.

Yes. If you have a client going through a breakup or divorce, an income or deposit booster could help them afford their home on their own after removing their spouse from the mortgage.

Remortgaging with an income booster could help boost their affordability. Remortgaging with a deposit booster could help bridge the equity difference. A deposit booster could also help bring down their LTV, letting them access more borrowing.

If a deposit booster gifts money, they can’t turn it into the loan.

But if a deposit booster contributes money as an interest-free loan or an equity loan, they can turn part or all of that loan into a gift any time they like. They’ll just need to get in touch with us to let us know and we’ll record it in our system.