Fraudsters are encouraging savers to move their money into higher risk cryptocurrency investments. Skipton does not endorse any cryptocurrency investments.
Be cautious of uninvited investment offers. If something doesn’t feel right, trust your instincts and take the time to investigate.
Buying a home has become harder than ever – and we get how frustrating this might be for you as a first-time buyer. So, after supporting over 26,000 first-time buyers in 2025, we want to give you the opportunity to own your first home.
To help you onto the property ladder, we’re knocking down some of the barriers you might be facing right now.
Our first-time buyer range includes:
Mortgage valuations and home surveys are not regulated by the Financial Conduct Authority. You could lose your home if you don't keep up your mortgage repayments.
More of our lending than ever goes to first-time buyers, and we'd love to help you too.
Here are three steps to get you ready for your first mortgage.
A first-time buyer is someone who has never 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.
This depends on what you’re able to afford to pay back each month, based on your monthly income and outgoings. To give you an idea, why not try our Affordability Calculator? It only takes a few minutes and doesn’t affect your credit rating.
This mainly comes down to the price of a property, as well as the mortgage deal you choose. The minimum deposit for a mortgage is usually 5%.
Let’s say you found a house worth £267,500 (average house price in September 2024). To pay a 5% deposit, you’d need to save over £13,000. And for a 10% deposit, you’d need almost £27,000. The bigger the deposit you put down, the better the initial interest rate – which could lower your monthly payments.
If you’re currently renting, you may be eligible for our Track Record mortgages. Through these product we’ll accept less than 5% deposit – or no deposit. The minimum age is 21 years, and you must have paid rent for 12 months in a row over the last 18 months.
A fixed rate mortgage - the interest rate stays the same for an agreed timeframe, which is usually two, three, five, seven or ten years. So, if other interest rates move up or down in that time, your interest rate won’t change.
A variable rate mortgage - your mortgage repayments can move up and down along with interest rates. Rate changes can happen for several reasons. Some will be decided by your lender, others might be driven by what’s happening in the economy. Sometimes, variable rate mortgages may be subject to a ‘floor’ (which the rate can’t fall below), or a ‘ceiling (which the rate can’t go above).
Take a look at our mortgage jargon buster for more information on common phrases you might hear in your home buying journey.
Yes - some, or all, of your deposit can be gifted to you by a member of your family.
You’d need to give us full details when you submit your mortgage application. The person giving you the money must be 18 years or older, can’t live in the property you’re buying, and will need to sign a gifted deposit declaration.
Loved ones may also be able to help you borrow more with our Income Booster. This means sharing responsibility for paying the mortgage – without being named on the mortgage.
Yes – Lifetime ISAs (LISAs) can be ideal for people saving towards their first home or retirement.
You can save up to your LISA allowance every tax year (currently £4,000). On top of your contributions, the government will give you a 25% bonus each year. Saving for a deposit isn’t easy – so our Cash Lifetime ISA could be a handy boost to help you onto the property ladder.
A LISA is only available if you’re between 18 and 39 years old. You can take money from your LISA to buy your first home after 12 months from your first payment in. Other withdrawals before the age of 60 would incur a 25% government withdrawal charge, which would mean you’d get back less than you paid in.
A mortgage valuation is done to check if the home you want to buy is worth the amount we’ll lend. A house survey is an inspection of the property’s condition – to see if there are any faults before you buy it.
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 is produced for information purposes only and must not be used or relied upon for commercial purposes or property related decisions. We are not responsibile for any decisions made based on this information.
