Not sure how to help?
Saving a deposit large enough to get a mortgage for a home can be challenging, that’s why some parents and family look at ways to help their loved ones with their home deposit. But there are a few ways to encourage those loved ones to also save that little bit extra.
That’s why we’ve pulled together some useful information looking at what parents, family and loved ones can do to reach their deposit goal to buy a home.
Linda Murray, a parent and Santander employee said:
‘I have no experience of helping my daughter to get on the property ladder for the first time and no knowledge of where I could go to support some of the decisions that I’m facing. As the deposit giver, I face decisions that I don’t feel informed enough to take – should I use savings, take money out of my own property or take some out of my pension funds when I’m 55? And if I do that what are the implications on my own future? As a parent, I want to help but would like to feel that I understand all of the options before I decide how.’
Home deposit calculator
It can take years to save up for that first home. Take a look at our home deposit calculator to work out how much you, your loved ones or both need to save on a regular basis to achieve their goal.