Jen Lloyd, Head of Mortgage Products and Proposition
24 September 2025
High rents, soaring house prices, and the ever-rising cost of living, mean saving to buy a first home is pretty tough right now. For many, moving back in with parents – or never moving out in the first place – feels like the only way to save enough to finally get a place of their own.
But the reality is, it’s not even as simple as that.
Even with savings and a deposit, plenty still find that once they move into their new home, essential housing costs are simply too much to manage comfortably.
The reality behind the front door
Research shows just how stuck first-time buyers are feeling right now:
- Around five million adults still live with their parents in Great Britain**.
- And 98% of them can’t afford to buy an average first-time buyer home in their local area based on their financial situation.
And it’s not only adult children feeling stuck. Parents often put their own plans on hold when kids live at home for longer. Many who want to downsize can’t – even though doing so could free up around £72,400^^ in equity, or save them an average of £2,400 a year in rent**.
For households with lower incomes, that equity could make up as much as 60% of their total non-property net wealth*. That could make a big difference – especially if you’re a parent who wants to give their child a boost onto the property ladder.
Fairer chances for first-time buyers
First-time buyers are a big focus for us here at Skipton Building Society. And we strongly believe the housing market should give them a fairer chance.
We want to provide solutions that don’t solely rely on waiting years to scrape together enough money to buy a house and live in it. Solutions that are sensible, fair and practical – to help the next generation take a confident step onto the housing ladder too.
Let’s Skip to solutions – our Track Record mortgage
Nearly a third of the people we spoke to say they had moved back home after living elsewhere^. Many do so to save for a deposit, but what if we said you might not even need one?
If you’re stuck in the renting cycle, struggling to save a deposit, our Track Record Mortgage could be a game-changer. The great thing about this mortgage is that you need less than 5% deposit to apply for it – or even no deposit at all.
You could benefit if:
- you're aged 21 or above
- you haven’t owned a property for the last three years
- have paid all rent on time for 12 months in a row, within the last 18 months.
After all, if you’ve already proved you can pay rent at the same (or even higher) level than a mortgage repayment, why should a deposit be the one thing holding you back?
Income Booster mortgage – it could give first-time buyers a little boost
For many, family support plays a huge part in making the home-owning dream a reality. And 68% of people we spoke with said they’d consider help from family and friends^. But that doesn’t have to mean handing over a big lump sum of money.
Let me introduce you to our Income Booster mortgage – it lets friends and family help loved ones onto the property ladder without breaking the bank.
It allows up to three additional applicants to be added onto the mortgage without making them legal owners 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 mean they can’t borrow the amount they need.
- The Income Booster Mortgage provides the best of both worlds. You’ll still legally own the home yourself – but you’ve got the backing of your family and friends to boost your borrowing power.
- Income Booster is a joint mortgage, so all borrowers will share legal responsibility for the mortgage repayments. All supporting borrowers must get independent legal advice.
Track Record and Income Booster mortgages are subject to eligibility and lending criteria.
Lifetime ISA – more support, more possibilities
If you’re still in the early stages of saving towards your first home or towards retirement, a Lifetime ISA (LISA) could be a great option.
Here’s how it works:
- It’s a 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, or both.
- The biggest benefit of using a LISA to save is the bonus you get from the government. For every £4 you put away, the government gives you £1.
- You can save up to £4,000 into a LISA each tax year until you’re 50, which means that you could get a healthy £1,000 a year bonus on top of your savings.
- As with all other ISAs, the interest you earn is tax-free.
- Just be aware there are rules around taking money out. If triggered, you might have to pay a 25% government withdrawal charge, which would mean you’d get back less than you paid in.
Even better, eligible LISA members could borrow up to six times their income. This could make a big difference when every bit of affordability counts.
Building solutions and pushing for change
While our products are designed to make a real difference today, we know the housing crisis won’t be solved by lenders alone. Until first-time buyers can both afford to buy and live in their homes, the system isn’t working.
That’s why we’re also campaigning for bigger changes from the government – like more tax-free savings products, making sure stamp duty land tax thresholds keep up with inflation and turning the government’s homeownership targets into reality.
A range for first-time buyers
At Skipton, we understand the pressure that both adult children and parents are under. That’s why we have a range of mortgages and saving options designed to support first-time buyers – from low-deposit deals to products for those with a history of renting.
Whether you’re supporting your child, being helped by family, or going it alone – our message is simple: don’t give up. Owning your first home could be possible, sometimes it just takes the right approach to get there.
If you want to find out more, check out our First-time Buyer options or speak to a member of the team today on 0345 607 9825. You never know, getting your independence back could be closer than you think.
You could lose your home if you don't keep up your mortgage repayments.
*Skipton Group Home Affordability Index 2025.
^Skipton Building Society / 72 Point Survey 2025 commissioned by Skipton Building Society
**Office for National Statistics (2021)
^^Equity release is estimated using HOA data and adjusted to account for differences between the house prices observed in the dataset and those reported by the ONS. The figures shown are based on the median value of equity that would be released through downsizing across this group.
Legal Disclaimer
The Skipton Group Home Affordability Index is not a benchmark for the purposes of UK Benchmark Regulation, nor for the purposes of any other legislation or regulation. The Skipton Group Home Affordability Index is produced for information purposes only and must not be used or relied upon for commercial purposes or property related decisions. We are not responsible for any decisions made based on this information.