There isn’t a set figure when it comes to your deposit, as the amount is influenced by many factors. For example, a 10% deposit on a property costing £200,000 would be £20,000 or £25,000 on a property costing £250,000. In addition to this, your annual income and outgoings will also determine whether or not you’re eligible for certain mortgages.

At Furness, we have a range of mortgage products designed to help new buyers take those first exciting steps onto the property ladder. You can also use our mortgage finder to see which mortgages could be available to you based on the deposit that you have.

If you’re ready to take those first steps onto the property ladder but don’t quite meet the affordability requirements for a first time buyer mortgage, we may have the answer.

Our solution is a mortgage known as ‘Joint Borrower Sole Owner’ - sometimes referred to as ‘Joint Borrower Sole Proprietor’ (JBSP). This works by allowing a first time buyer to add a parent or a family member to the mortgage so their income is also considered. This isn’t a joint mortgage between a parent and child as the legal title to the property is held solely in the name of the first time buyer.

This is an alternative to a guarantor mortgage. The main difference being that with a JBSP mortgage, the parent or family member agrees to contribute to the mortgage payments from the start. With a guarantor mortgage, the other party doesn’t get involved unless the first time buyer is unable to make their mortgage repayments.