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.
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)