A Helping Hand for first time buyers

Affordability is an issue for many first time buyers. Helping Hand could help first time buyers borrow up to six times their income.

Features and benefits

  • With Helping Hand, your first time buyers could borrow up to six times their income. That's up to 33% more.
  • It's available up to 95% LTV, across our 5 and 10 year fixed rated mortgages.
  • Your clients could enjoy £500 cashback on completion and up to £500 more for energy efficient homes. Please visit our Green Reward page for more information.

Eligibility

The availability of Helping Hand is subject to many factors, for example credit score and how much debt the applicant has. Below you'll find the eligibility criteria for your clients. 
  • All applicants must be first time buyers
  • 5 and 10 year fixed rates available at all LTV tiers up to 95%
  • Minimum income of £30,000 sole applicant or £50,000 for joint applicants. You can include all income sources (except self-employed income)
  • The maximum lending limits depend on the application. See our LTV and maximum loan size criteria.
  • If you're not a first time buyer you may be eligible for Extra help with affordability.

Meeting the criteria doesn't guarantee we'll offer your clients Helping Hand.

We won’t accept applications with the following:

  • Self-employed income for either applicant
  • In conjunction with any scheme or non-standard ownership type. For example First Homes, Shared Ownership, Genuine Bargain Price, Right to Buy and Help to Buy.
  • Interest Only.

How Helping Hand could work for your clients

For joint applicants who are eligible first time buyers, with a joint income of £50,000, 5% deposit and no other costs affecting how much they can afford. With Helping Hand, they may be able to borrow up to £300,000. This is an additional £75,000 compared to £225,000 without Helping Hand.

For a single applicant who is an eligible first time buyer with an income of £30,000, a 5% deposit and no other costs affecting how much they can afford. They may be able to borrow up to £180,000 with Helping Hand, this is an additional £45,000 compared to £135,000 without Helping Hand.

Tip:

Where your client has the offer of Helping Hand, please note it will only be available to first time buyers on the original purchase. It won't be available on any subsequent transactions, such as additional borrowing where standard criteria applies.

Next Steps

  • You can use the affordability calculator to find out if your client requires the higher borrowing offered by Helping Hand.
  • For all eligible first time buyers, the Affordability calculator will indicate two maximum affordable amounts, one for standard and one for Helping Hand.
  • Where you require Helping Hand for affordability, you'll need to select ‘Fixed Rate (5 years or more)’ on the ‘Product Type’ question within Loan Requirements. You can find this on the Decision in Principle (DIP).
Fixed rate screen grab 
  • If you key a DIP on a standard lending basis, you'll have the option to resubmit the DIP using Helping Hand on a 5 or 10 year fixed rate, if it's unaffordable.
  • We're unable to provide further details if your client isn't offered Helping Hand. This may be down to a number of different factors.

Amending a Full Mortgage Application to Helping Hand

If you've submitted a Full Mortgage Application which has failed affordability, and you want to amend it to Helping Hand to increase the affordability, you'll need to state that the application requires 'Helping Hand'. You'll also need to change the product to a Fixed Rate of 5 years or more.

You can do this by either:

  • using the ‘Amend case’ option (see our Amend Case page for more information)
  • or by contacting us to make a change to your application.