You should know that interest will still accumulate on the mortgage from day one. This means you’ll pay more in interest over the term of the mortgage and your monthly payments will be slightly higher than if you had started paying in month one. If you can afford to make mortgage payments in the first three months, then another product will be more suitable for you.
Why choose a Delayed Start mortgage?
- Ease into mortgage repayments – buying a home is exciting, but those first few months can leave you feeling stretched. Make the most of a delayed repayment period for up to the first three months (one, two, or three months) after completion. Interest will accrue from day one to settle in and manage other extra moving costs that could pop up (think utility bills, unexpected repairs or even still having to pay rent on your previous place).
- More money to make your house a home – it means freeing up funds to spend on your décor, sofa or garden transformation.
- Make homeownership more affordable from day one – the biggest hurdles for first-time buyers tend to be saving for a deposit and managing the upfront costs which come with buying a home. Our Delayed Start mortgages could help you cope with the financial challenges of those crucial first few months.
- Works with Income Booster – you could use the Delayed Start feature alongside our popular Income Booster scheme for extra support.
- Works with Track Record - if you're renting or haven't owned a property in the last three years, our Track Record mortgages offer low to no deposit options.
- Works with Shared Ownership - you purchase a share of the property you want to buy - usually between 25% and 75%. And you rent the rest of your home from a housing association or registered landlord, usually below the market rate.
Get started today
Our Delayed Start mortgages are a flexible way to ease into homeownership without needing to make immediate mortgage repayments.
You could lose your home if you don’t keep up your mortgage repayments. Subject to eligibility and lending criteria.
Next steps
1. Get a Decision in Principle (DIP) – it’s quick and easy to find out how much you may be able to borrow from us.
2. If your Decision in Principle is approved, we’ll arrange a mortgage advice appointment for you where we’ll recommend a suitable mortgage from our range – either over the phone or by our Video Appointment service.
3. Begin your application process and take a confident first step towards owning your first home.
Frequently asked questions
Your monthly mortgage repayments (instalments) are delayed for up to the first three months (one, two, or three months), but interest will still accumulate from day one.
The interest is calculated daily at your current mortgage interest rate and then added to your overall mortgage balance on the 1st of each month.
This does mean that you pay more in interest over the term of your mortgage, as your payments will include the interest accumulated over the delayed payment period.
As interest is calculated daily from completion, this is added to your mortgage balance meaning in the delayed payment period of your Delayed Start mortgage, your mortgage balance increases and only starts to reduce when you start making mortgage repayments.
At least one applicant needs to be a first-time buyer. This means they can't ever have owned an interest in a residential property in the UK or abroad. This includes Buy to Let properties and any property that has been inherited, even if they've never lived there.
Eligibility is also subject to our lending policy, affordability checks and underwriting.
We do not lend in Northern Ireland or Isle of Man.
Yes, you can overpay up to 10% of your original loan amount per year (including during the delayed payment period of up to the first three months) without having to pay an Early Repayment Charge.
Yes, our Delayed Start mortgages may be used to buy new build homes.
