Do you need to move back in with your parents to save for your first home?

Putting your very own key, into your very own front door, that belongs to your very own home.

I think we can safely say it’s a dream for many. In fact, research we’ve carried out here at Skipton Building Society confirms this: 91% of us say it’s important to own our own home one day.

Unfortunately, getting on the property ladder is a lot easier said than done – for a whole host of reasons.

  • The average cost of a home has increased a whopping 60% in the last decade, according to official figures from the Office for National Statistics (ONS)
  • The price of rent is so expensive that many are struggling to put money away for a deposit – Zoopla reports the average rent in the UK as of April 2024 is £1,223 per month
  • 57% of people say their outgoings have increased over the last 12 months, with around nine out of ten people recognising it’s become harder to save for a home*.

Hotel 'Mum and Dad'

In a bid to try and make saving for a first home that little bit easier, research shows that some of us are moving back in with our parents to cut costs. This is very much like Bec and Sam, who have been living back with Bec’s parents for eight months to try and make the journey towards buying their first dream home easier – you can find out more about Bec and Sam's story.

  • Four in ten people say they would consider moving back in with their parents, with just over three quarters agreeing it would help them to save for a home much quicker*
  • 86% believe they would only need to pay around £250 (on average) a month to live at home with their parents*
  • And if they didn’t have to pay rent, they believe they would be able to save around £800 (on average) a month towards a deposit*.

For those fortunate and willing to make this move, it could be a really important first step in helping them to boost their savings. But for many, this isn’t an option.

Just over half of people surveyed admit they feel like moving back home with their parents would be a step backwards. I know I’d struggle making such a big lifestyle choice. Living in your own space gives you a sense of freedom and independence – and this is the top reason given for not wanting to move back home*.

There’s still hope for first-time buyers

As a budding first-time buyer, it probably feels like your options are limited right now. But I may have some good news for you.

You see, first-time buyers are a big focus for us here at Skipton Building Society. Last year alone, we supported over 19,000 first-time buyers.

We completely understand the challenges first-time buyers are facing – and we’re committed to making this process as easy as possible. Our goal is to help first-time buyers make informed decisions on whether the dream of home ownership can become a reality.

And for you, that could start right here.

Did you know that we offer a range of options which could mean you’re closer to getting on the property ladder than you might think?

Let’s take a closer look.

Track Record Mortgage – for renters struggling to save

First up, we’ve got our Track Record Mortgage.

This is aimed at people stuck in the renting cycle, unable to save for their own home. The great thing about this mortgage is that you need less than 5% deposit to apply for it – or even no deposit at all.

Yes, you read that right: you don’t necessarily need a deposit.

So, if you’re a tenant and have been paying rent on time and consistently for 12 months in a row or more, this could be the one for you.

You could benefit if:

  • you're aged 21 or above
  • you haven’t owned a property in the UK for the last three years
  • you’ve paid all rent for 12 months in a row, within the last 18 months.

We understand it’s hard for people to pay rent and save at the same time – especially when your rent could cost more than what you’d pay in monthly mortgage payments. That’s why we developed our Track Record Mortgage, and since launch it’s already helped to change so many lives.

Income Booster Mortgage – for buyers who need a little boost

Next on the list, we have our Income Booster Mortgage.

This allows you to add up to three extra people onto a mortgage, but you’ll still be the legal owner of the property. We factor in all of the incomes when you apply for a mortgage, meaning you could borrow more than if you were taking out a mortgage on your own.

Its purpose is simple: to support people who want to buy a home, but their income and outgoings means they can’t borrow the amount they need. It could be an ideal option if you’re at the start of your career or you aren’t in full time employment.

The Income Booster Mortgage provides the best of both worlds. The support of other people could make a real difference to the amount you borrow, and you still get to legally own your home.

Income Booster is a joint mortgage, so all borrowers will share legal responsibility for the mortgage repayments.

Lifetime ISA – for savers just starting out

If you’re still in the early stages of saving towards your first home, a Lifetime ISA could be a great option.

A Cash Lifetime ISA is a type of savings account for people aged 18-39 who are saving for their first home (with a purchase price of up to £450,000) or retirement. Saving into a Lifetime ISA can give your money a boost because the government adds to your savings, but there are rules around withdrawing your money that you need to know about too, otherwise you might have to pay a 25% government withdrawal charge, which would mean you’d get back less than you paid in.

The biggest benefit of using a Lifetime ISA to save is the reward you get from the government – for every £4 you put away, the government gives you £1. You can save up to £4,000 a year into a Lifetime ISA, which means that you could get a healthy £1,000 bonus on top of your savings. And as with all other ISAs, the interest earned in a Lifetime ISA is tax-free.

If you can pay the maximum yearly amount into a Lifetime ISA, you could grow your money much quicker and get your first home sooner. Don’t just take my word for it, you can read about how one couple used their Lifetime ISA to become first-time buyers.

P.S. – as an extra bonus, Skipton Lifetime ISA customers who are buying their first home receive £250 cashback on completion of a Skipton Mortgage until 30 June 2027. You can find out more on our Lifetime ISA page.

Come and have a chat

If you are a first-time buyer feeling that all was lost, I hope I’ve given you a little bit of motivation today to get the ball rolling on your journey towards buying a home. And if you’d like to find out more about any of the options I’ve talked about, our First Time Buyer specialist team are here to help you.

And you never know, before you know it – you could be putting your very own key, into your very own front door, that belongs to your very own home.

You could lose your home if you don't keep up your mortgage repayments.

*Survey based on 2,000 participants carried out in February 2024.

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