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Experts share tips for buying a first home without the Bank of Mum and Dad: 'It's not impossible'

ended 23. June 2025

EXPERTS have shared their tips for buying a first home without the Bank of Mum and Dad.

More than half of first-time buyers received financial help from their family to make home purchases last year, according to estimates by estate agency Savills in research released last month.

Newspage spoke to financial experts who have given their tips on how to achieve your first property without cash from your parents.

While it may feel like "trying to leap over the Tower Bridge" to buy your first home - there are options available.

These include:

  • Exploring shared ownership
  • Buying in more affordable areas
  • Pooling resources with friends
  • Using first-time buyer apps
  • Using Lifetime ISAs
  • No Deposit or 100% mortgages 

Kundan Bhaduri, Entrepreneur at The Kushman Group, suggested shared ownership schemes, buying in more affordable areas and pooling resources with friends to buy together.

He added: "Savills reveals over half of first-time buyers relied on family funds last year, and who can blame them? With prices soaring and wages stagnant, it’s like trying to leap over the Tower Bridge. Yet, it's not impossible. 

"Explore shared ownership schemes to snag a slice of property without breaking the bank. Don’t shy away from the outer boroughs; areas like Barking or Croydon might surprise you with affordable options as remote work changes commuting norms. 

"I've seen first-time buyers think outside the box, like the couple who transformed a derelict pub into a stylish home, or friends pooling resources to buy a flat together—turning renting woes into ownership triumphs. 

“Maximise savings with Help to Buy ISAs and negotiate fiercely, sometimes a bold offer can turn heads. It may not be easy, but with creativity and tenacity, buying a first home without parental aid is achievable. London rewards those willing to think differently.”

Rob Peters, Principal at Simple Fast Mortgage, said there are first-time buyer apps, Lifetime ISAs and schemes like Joint Borrower Sole Proprietor (JBSP) mortgages that could make it more achievable.

He added: "The Bank of Mum and Dad has become a lifeline for many first-time buyers, especially in high-cost areas, but it’s not the only path. With house prices, rents, and living costs all high, saving a deposit is incredibly difficult, although with smart planning, it's still doable. 

"We’ve seen buyers using Shared Ownership, first-time buyer savings apps, Lifetime ISAs, or buying with friends to get on the ladder. Others are looking beyond traditional urban centres and relocating entirely to more affordable regions. 

“It’s a slower journey and requires sacrifice, but for those willing to compromise on location or space, it's achievable. Schemes like Joint Borrower Sole Proprietor (JBSP) mortgages, longer-term fixed rate lenders with higher income multiples, and new 5% deposit products can also help bridge the gap, especially for those with decent incomes but little capital.”

Aaron Strutt, Product and Communications Director at Trinity Financial, also said shared schemes can help including Nationwide's Helping Hand income stretch mortgage.

He said: "There are lots of mortgage schemes available to help first-time buyers with smaller deposits to get on the property ladder. The most popular first-time buyer scheme is arguably Nationwide's Helping Hand income stretch mortgage, which helps borrowers access up to six times their salary. 

"Applicants will need to take a five - or ten-year fix, but the Helping Hand scheme has helped thousands of first-time buyers secure sufficiently large mortgages to get on the property ladder. 

“Accord's £5k deposit mortgage and Skipton's 100% Track Record mortgage have also helped borrowers with smaller deposits buy their first home. If first-time buyers are not lucky enough to have access to the Bank of Mum and Dad, there may well be a lender willing to help them.”

Mark Eaton, COO at April Mortgages, said his company offers No Deposit mortgages.

He said: "Getting on the housing ladder without help from the Bank of Mum and Dad has become the exception, not the norm, but that doesn’t mean it should stay that way. At April, we designed our No Deposit mortgage for customers who can comfortably afford the monthly payments but are stuck saving for a deposit that keeps moving further away. 

"By pairing it with a longer-term fixed rate, we manage the risk in a way that works for both the borrower and the lender. These are good borrowers. They just need a lender that’s willing to back them. It’s a practical way to support homeownership without relying on family support. 

"This isn’t about theory or headlines. Advisers are already using this product to help renters buy their first home. It’s working, and it’s expanding what’s possible for first-time buyers who are doing it on their own."

Peter Dockar, Chief Commercial Officer at Gen H, pointed out more mortgage products that can be useful.

He added: "The housing affordability landscape is extremely challenging, and we don’t know if or when this will subside – so for most, Bank of Mum and Dad (BoMAD) is and will remain a lifeline. But this support can take in many forms beyond simple deposit help – it can also look like affordability boosts with something like Gen H’s income booster or another JBSP option. 

"Recently, other schemes have come to market to support first-time buyers without access to family support. Think New Build Boost, which helps buyers purchase a new build with just a 5% deposit, or Own New, Track Record, or 100% mortgages – lenders are trying to innovate to support buyers with and without access to BoMAD. 

“My advice to buyers without access to BoMAD is to find a great broker who is aware of all the options available – it still isn’t easy to buy a home, but there are more options than ever before which could finally make it possible.”

7 responses from the Newspage community

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Editor
Aaron Strutt
Product and Communications Director at Trinity Financial
There are lots of mortgage schemes available to help first-time buyers with smaller deposits to get on the property ladder. The most popular first-time buyer scheme is arguably Nationwide's Helping Hand income stretch mortgage, which helps borrowers access up to six times their salary. Applicants will need to take a five—or ten-year fix, but the Helping Hand scheme has helped thousands of first-time buyers secure sufficiently large mortgages to get on the property ladder. Accord's £5k deposit mortgage and Skiption 100% Track Record mortgage have also helped borrowers with smaller deposits buy their first home. If first-time buyers are not lucky enough to have access to the Bank or Mum and Dad, there may well be a lender willing to help them.
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Editor
Rob Peters
Principal at Simple Fast Mortgage
The Bank of Mum and Dad has become a lifeline for many first-time buyers, especially in high-cost areas, but it’s not the only path. With house prices, rents, and living costs all high, saving a deposit is incredibly difficult, although with smart planning, it's still doable.

We’ve seen buyers using Shared Ownership, first-time buyer savings apps, Lifetime ISAs, or buying with friends to get on the ladder. Others are looking beyond traditional urban centres and relocating entirely to more affordable regions. It’s a slower journey and requires sacrifice, but for those willing to compromise on location or space, it's achievable.

Schemes like Joint Borrower Sole Proprietor (JBSP) mortgages, longer-term fixed rate lenders with higher income multiples, and new 5% deposit products can also help bridge the gap, especially for those with decent incomes but little capital.
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Editor
Jack Tutton
Director at SJ Mortgages
The unfortunate truth is that its getting harder for first time buyers the longer time passes, without the help of a family member. House prices have far outpaced wage growth for a long time, pushing the prospect of getting onto the property ladder further away. This is particularly effecting people who are wanting to buy on their own.

We have seen clients make big life choices such as moving back into their parents in order to have enough disposable income to save a deposit, its not feasible to rent along with saving a deposit in a reasonable time. For a first-time buyer to get onto the ladder without the assistance of family, it will take serious commitment and a lot of sacrifices over a sustained period to get anywhere near close to saving enough of a deposit.

Lenders are trying to help with inititive products such as Skiptons 'Track-Record' or Accords '£5,000 Deposit' mortgages options, however not everyone is eligible for these so more could be done to help.
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Editor
Katy Eatenton
Mortgage & Protection Specialist at Eatenton Finance
The majority of first time buyers I work with don’t use the Bank of mum and dad. However, most of them are self employed and take as little money as possible out of their business which allows them to build up savings. And while they don’t get financial help from mum and dad, they do still live at home so have minimal outgoings which also helps when saving
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Kundan Bhaduri
Entrepreneur, Investor and Landlord at The Kushman Group
Savills reveals over half of first-time buyers relied on family funds last year, and who can blame them? With prices soaring and wages stagnant, it’s like trying to leap over the Tower Bridge. Yet, it's not impossible. Explore shared ownership schemes to snag a slice of property without breaking the bank. Don’t shy away from the outer boroughs; areas like Barking or Croydon might surprise you with affordable options as remote work changes commuting norms. I've seen first-time buyers think outside the box, like the couple who transformed a derelict pub into a stylish home, or friends pooling resources to buy a flat together—turning renting woes into ownership triumphs. Maximise savings with Help to Buy ISAs and negotiate fiercely; sometimes a bold offer can turn heads. It may not be easy, but with creativity and tenacity, buying a first home without parental aid is achievable. London rewards those willing to think differently.
Copy

Peter Dockar
Chief Commercial Officer at Gen H (Generation Home)
The housing affordability landscape is extremely challenging, and we don’t know if or when this will subside – so for most, BoMAD is and will remain a lifeline. But this support can take in many forms beyond simple deposit help – it can also look like affordability boosts with something like Gen H’s income booster or another JBSP option.

Recently, other schemes have come to market to support first-time buyers without access to family support. Think New Build Boost, which helps buyers purchase a new build with just a 5% deposit, or Own New, Track Record, or 100% mortgages – lenders are trying to innovate to support buyers with and without access to BoMAD.

My advice to buyers without access to BoMAD is to find a great broker who is aware of all the options available – it still isn’t easy to buy a home, but there are more options than ever before which could finally make it possible.
Copy

Mark Eaton
COO at April Mortgages
Getting on the housing ladder without help from the bank of mum and dad has become the exception, not the norm, but that doesn’t mean it should stay that way.

At April, we designed our No Deposit mortgage for customers who can comfortably afford the monthly payments but are stuck saving for a deposit that keeps moving further away.

By pairing it with a longer-term fixed rate, we manage the risk in a way that works for both the borrower and the lender. These are good borrowers. They just need a lender that’s willing to back them. It’s a practical way to support homeownership without relying on family support.

This isn’t about theory or headlines. Advisers are already using this product to help renters buy their first home. It’s working, and it’s expanding what’s possible for first-time buyers who are doing it on their own.