How can I help my parents buy a property and get a mortgage?

by Aaron Strutt

Jul 01 2025

Helping Your Parents Buy a Property and getting a Joint Mortgage

At Trinity Financial, we regularly help clients who want to support their parents in buying a home — whether that’s downsizing, moving closer to family, or securing a more comfortable property for retirement.

The good news is that there are several ways you can get involved, even if your parents’ income or circumstances mean they can’t secure a sufficiently large mortgage on their own.

1.  Family Assist and Joint Borrower, Sole Proprietor Mortgages

Some lenders offer joint borrower sole proprietor arrangements, where your name is on the mortgage but not on the property title deeds. This can help avoid second home stamp duty surcharges while still allowing your income to support the application.

The initial idea of the Joint borrower sole proprietor mortgage was for parents to help their adult kids buy a property using their income. When the government increased stamp duty for second homes, the old guarantor mortgage swiftly stopped being used as it meant parents technically owned two properties. 

In family assist schemes, you may use savings as security for your parents’ mortgage, usually held in a linked account for a set period.

2. Consider a Joint Mortgage

A joint mortgage allows you to be named on the property title and the mortgage alongside your parents. This means your income can be used to boost the mortgage affordability calculation. However, like with a joint borrower, sole proprietor mortgage you’ll also share responsibility for the repayments, and your credit record will be linked to theirs.

Points to note:

• You’ll need to meet the lender’s eligibility requirements. This means any existing mortgages or financial commitments will probably reduce the amount you can borrow.

• Your share of the property may be considered in future tax planning (including stamp duty and capital gains tax).

3. Gifted Deposits

If you have savings available, you can provide your parents with a gifted deposit to reduce their borrowing needs and open up access to more competitive rates. Lenders will require a gifted deposit declaration confirming it’s not a loan.

4. Guarantor Mortgages

Some smaller lenders, often building societies, still offer guarantor mortgages, where you agree to cover repayments if your parents can’t. This may involve using your assets or savings as security.

5. Remorgage to help them buy a property outright 

Many adult children have done well financially and they have equity in their property. If a parent is selling their home and they have some cash to put towards a new property, the adult children may be able to remortgage their own home to release money. This may mean they can access a cheaper mortgage rate and they get a better choice of lenders. Inheritance could be discussed as a repayment vehicle, and an interest-only mortgage may reduce the monthly costs.

Aaron Strutt, product director at Trinity Financial, says: "Our brokers regularly get enquiries from family members trying to work out how they can combine their family income to get a sufficiently large mortgage to help their mum and dad buy a home. Often their term is up with their existing lenders, and they can't remortgage to another provider. Joint borrower sole proprietor mortgages are a good option in many cases."

Which lenders are good for family mortgages? 

Recently expanded: over 35 lenders—including Barclays, Skipton for Intermediaries, Clydesdale Bank, and NatWest—now offer JBSP arrangements.Useful when one party has stronger income or credit, helping increase borrowing capacity without affecting ownership rights. 

Halifax, and Barclays now offer "family-assisted" mortgage options that utilise family security instead of a deposit. 

The Family Building Society offers a unique 'Family Mortgage' scheme designed for family-assisted purchases. Tailored for first-time buyers—as well as those looking to move home with help from family.

• Requirements:

  • Borrower needs at least a 5% deposit.

  • Family members must provide enough assets (in savings or property equity) to reduce the loan-to-value to 75%.

  • Security via savings, property, or offset accounts.

How Trinity Financial Can Help

Navigating the right approach involves weighing up affordability and long-term financial plans. At Trinity Financial, our brokers will:

• Review your combined income and affordability.

• Compare specialist mortgage products designed for family arrangements.

Call Trinity Financial on 020 7016 0790 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage