Low deposit mortgage options in plain English
Skipton Track Record · Halifax £5k Deposit · Santander My First Mortgage
A mortgage is a loan secured on your home. With a 5% deposit mortgage you provide 5% of the price and borrow 95%, if a lender accepts the application; this is 95% loan-to-value (LTV, the mortgage as a percentage of the price).
Skipton Track Record mortgage
A potential no deposit mortgage using rental evidence alongside lending checks.
Read the conditions ↓Halifax £5k Deposit
A fixed cash deposit from your own savings on an eligible existing home.
Read the Halifax guide →Santander My First Mortgage
Up to 98% borrowing, with a minimum £10,000 deposit and other limits.
Read the Santander guide →Who qualifies for each route?
Skipton Track Record mortgage
Current rules include age 21+, no UK home ownership in the last three years, 12 consecutive rent-payment months within the last 18 months, and no missed credit payments in the last six months. Maximum borrowing is £600,000. Skipton may ask for household-bill evidence and applies its wider checks. New-build houses can be considered; new-build flats cannot.
Check Skipton’s current requirements ↗
Lloyds £5k Deposit mortgage
At least one applicant must be a first-time buyer. The current property-value range is £102,000–£300,000. The minimum £5,000 deposit must be your own money, not gifted; confirm its source rules before relying on money from someone else.
The home must be your only residence, with no interest in another property. The product excludes new builds, new-build conversions, renovation properties and the listed shared-equity, shared-ownership and Right to Buy purchases. Shared ownership means buying a share and paying rent on the rest; it needs a separate cost comparison.
Check Lloyds’ current product conditions ↗
Halifax £5k Deposit mortgage
Halifax has its own £5,000-deposit product. Its criteria must be checked separately from Lloyds. Read the Halifax conditions and example →
Santander My First Mortgage
A minimum £10,000 deposit still applies, even though borrowing can reach 98% of the home’s value. See why 2% does not always mean enough cash →
Standard 5% deposit mortgages
Individual lenders set their own income, credit and property conditions. The Mortgage Guarantee Scheme protects participating lenders on qualifying high-loan mortgages: it is not a cash deposit payment to you.
What changes on a £180,000 house?
| Example route | Deposit | Mortgage |
|---|---|---|
| No deposit | £0 | £180,000 |
| £5k deposit | £5,000 | £175,000 |
| 5% deposit | £9,000 | £171,000 |
These numbers do not show that any route is available or affordable for you. They show why a smaller deposit leaves more to borrow.
First work out a sustainable monthly budget; then separate buying costs and emergency cash from the money available for the deposit. Compare actual repayments and the total costs of eligible products with a broker or lender.
The catches
- Less room for falling prices: negative equity (owing more on the mortgage than the home is worth) can make moving or changing lender harder.
- No deposit is not no savings: legal work, a survey (an inspection of the home’s condition), moving, tax where due and a reserve still need a plan.
- More borrowing: a lower deposit can mean higher payments and more interest. No rate or payment saving is promised here.
- Evidence matters: rent payments and a deposit amount do not guarantee lending approval.
- Availability changes: this is a selection of routes, not a complete mortgage-market search.
The separate Your First Home scheme is an England-only announcement. Allow for Stamp Duty Land Tax where due.
Questions you might be asking
Can I get a no deposit mortgage?
Some lenders offer mortgages without a cash deposit, subject to detailed checks. Skipton Track Record is one example, but no deposit does not mean no buying costs or guaranteed acceptance.
Who can get a Skipton Track Record mortgage?
The current rules include age 21+, no UK home ownership in the previous three years, and 12 consecutive months of rent payments within the last 18 months. Recent credit payments, income, the property and the lender’s wider checks also matter.
How much is a 5% deposit mortgage on a £180,000 house?
The deposit is £9,000 and the mortgage would be £171,000, before any costs added to the loan. This is arithmetic only: it does not establish that the home or borrowing is affordable for you.
Can I use a gifted deposit for Lloyds’ £5k mortgage?
The current Lloyds product page says its minimum deposit cannot be gifted. Do not assume that another lender’s gifted-deposit rules apply to this product.
Does paying rent prove I can afford the mortgage?
Rent history can support a particular lender’s assessment, but it does not replace its affordability and credit checks. Homeownership also brings costs such as repairs and buildings insurance that may have been your landlord’s responsibility.
Is a low deposit mortgage always the best route?
No. A smaller deposit usually means borrowing more, with less protection if the home’s value falls. Compare the full cash requirement, monthly costs and product conditions, rather than the deposit alone.
What other cash do I need beyond a smaller deposit?
Allow separately for legal work, a survey, Stamp Duty where due, moving and money kept after the purchase. A smaller deposit does not remove those costs.
Sources
Original information checked 28 October 2026. Lender criteria and government plans can change.
What to do next
Download the cash-and-criteria checklist. Separate the deposit from buying costs before discussing a product with a broker or lender.
Download the questions checklistA text file you can fill in or print. It contains no saved figures from your browser.
Open or print the checklist ↗Build my starting budget →