Are you looking to buy your first home with help from family members? Put your questions to the Santander experts. £200 voucher to be won

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This Q&A is now complete - there will be no further answers posted.

With sky high house prices, student loans and rising rent costs, getting on the property ladder is challenging. Santander’s first time buyer research (undertaken in 2021) shows that over a third of first time buyers are hoping to buy their first home with help from family and friends in the next 5 years. If this is you, and you have a question about preparing to buy your first home, you’re in the right place.

The experts:
Graham Sellar, Head of Mortgage Development, Santander - Graham has more than 30 years of experience working in financial services, and has been a mortgage specialist at Santander since 1996. He is regularly quoted as an expert voice in the media on all things mortgage related.

Hayley Burton, Financial Planning, Santander - Hayley has 25 years of experience in retail banking and 6 years’ experience in the wealth area, where she leads teams across the UK who provide expert, trusted investment and protection advice to customers based on their individual needs and to achieve their financial goals. Hayley is also a Mum and Step Mum to three children aged between 11-16, and so she’s regularly thinking of ways to help her children financially in the future.

Linda Murray, Regional Manager, Santander - Linda has worked in banking for 35 years across a broad spectrum of areas including mortgages, risk and most recently face to face banking in Santander branches. At work, she’s particularly passionate about supporting customers to help them make informed choices about their banking. Linda is also a single mum to her 24 year old daughter, Charlotte. She’s looking to support Charlotte financially and emotionally when she buys her first home.

Do you have questions around saving for a deposit? Perhaps you’d like to know more about how your family could help? Or maybe you’re interested in knowing what to expect when buying a home. The experts will be back between 26 July and 6 August to answer some of the questions you have on preparing to buy your first home.

All who post a question (regardless of whether it is answered or not) will be entered into a prize draw where one MNer will win a £200 voucher for the store of their choice (from a list).

Thanks and good luck!

MNHQ

Insight Terms and Conditions apply

What do lenders think of parents helping with the deposit in the form of a long term repayable loan to the 'child'?

Where should the deposit be kept to earn the best interest whilst saving it?

My husband and I are self employed and he’s a director of a company. We really struggle with finance because of this even though financially we are more than capable of making the repayments. What tips do you have for us to be more attractive to lenders?

Do first time buyers have to pay stamp duty at the moment?

How much can be gifted from one family members to another without incurring hmrc issues?

My family is expanding and the house now needs to too!
Can I use my current house as part of a deposit towards the next?
I'd love to keep this little house as an investment and let it out to family to help them out too. Do I need to save another lump as a deposit on the next house?

Hello Graham, Hayley, and Linda,

Is it better to put money into a savings account for children over time or gift them a lump sum for a deposit later?

Thank you very much!

Do you think the LISA house price limit is too low, especially for young people looking to buy in London?

How much can you gift your children towards getting them on the housing ladder?

Assuming it is possible, would you consider it to be preferable for parent(s) to buy the house on my behalf, for me to make monthly repayments directly to them - no interest charges and a legal agreement being drawn up or is it better to get a mortgage?

What's your view on equity release as a means of parents being able to free up a lump sum from their our property in order to provide a deposit for their children?

In getting a joint mortgage, are there any advantages if one of you is a first time buyer? Many of the schemes and discounts seem to not apply in this case.

If you are first time buyers is it better to invest money in a new build with all the extra help you get and sell it along the line?

Are you able to have your name on a joint mortgage if you have a dmp, with a house deposit gifted to you from your parents?

How come when I booked a telephone appointment with a Mortgage and Protection Advisor they never called or sent a communication to cancel/reschedule the meeting?

Question 1
We are giving our 4 kids a decent amount of money to buy houses. When they buy with partners who don't have any savings and don't have any parental help how should we respond if our kids ask us for advice over how to protect their money.

We give the money to them with no conditions whatsoever but secretly I would like them to protect the money from any future relationship breakdowns.

Question 2
One of our DC has bought a house in her own name and has a lovely but skint partner.
If they decide that he should move in what things should they consider. They seem to be happy talking to one another about finances but it's hard to work out what's 'fair' when one partner is so much better off than the other. Would him staying as a lodger be of any interest to the mortgage company.

Obviously I would only give advice if asked 😅

What support or relief is available if any for first time buyers who are buying to rent out. Want to get on the property ladder but won’t be able to live in the property.

Would love to buy the property I rent. Landlord is willing to sell. I I separated from my husband 3 years ago after 20 years of alcohol and financial abuse left me in dreadful debt despite earning a good salary.

It's taken 3 years for my credit to be 'ok' .. I have owned before (15 years ago ) but sold it before it was repossessed due to aforementioned marriage. (Should have left then !)

My parents will give me £100,000 deposit. The property is valued at £350000 I will be able to add another £50k from retirement lump sum. I will be 60 when this happens and do not want to be in rented property in my retirement. I love my home and want security above all else. My pension will be £2100 per month.

Will this be possible ? Am I a ftb as I haven't owned a home for 15 years. ?

Hi there. Our daughter is looking to buy in London in the next couple of years. She's looking at a help to buy equity loan and a mortgage. Salary is circa £80k. We can lend her something towards her deposit.

What are these pitfalls with that scheme and would it be best for us to lend her more and for her to borrow less equity through the scheme?

Can someone on work visa (family) buy a house with me?

I would like to pay my parents back for lending my deposit - can I draw my own contract up, or would you recommend a solicitor drawing one up - bearing in mind the cost.

Is it possible to place a charge on my parents (owned outright) property to release some equity so I can put down a deposit on my first home ?

My mum and step dad will lend me the deposit, (£15,000) and this will be paid back once I finish my degree, and can apply for a higher paid job, I will pay less mortgage than rent when I do get a mortgage which is a win win, but as my step-dad also has children in their early 20s, and may want the same benefit (which I am fine with) would it be best if they make a will to get their financial affairs in order, so if anything happens to them this 'loan' is part of the estate ? (sorry to sound morbid)

My son and daughter in law are buying a house with me as they cannot get on the property ladder. I'm contributing £250,000 and living in the attached annexe and they will be getting out a mortgage of £100,000. Will they get a first time buyers discount on their part? Is there anything else I should look out for?