A £5,000 Deposit Helped 800 First-Time Buyers Get Their First Home
In the past year, more than 800 people have taken their first step onto the property ladder thanks to a low-deposit mortgage deal from Yorkshire Building Society.
The product - launched in March 2024 - allows first-time buyers across England, Scotland and Wales to buy a home with just a £5,000 deposit, as long as the property is worth £500,000 or less. For someone buying a typical starter home at £200,000, this would mean borrowing 97.5% of the purchase price.
Real people, real impact
Ben Merritt, director of mortgages at Yorkshire Building Society, described the experience of seeing the scheme’s impact as "humbling". The society has shared stories of buyers who became emotional upon receiving their mortgage decision, with many saying it had helped them not only buy a home but make other major life plans too.
One couple, Leona and Mark from Aberdeen, moved from a flat into a three-bedroom home last April. Leona explained how they had put off starting a family because of the practical challenges of their previous home - now they feel able to plan their future with more freedom.
More support coming for buyers
Yorkshire Building Society has also introduced a new mortgage range offering up to £6,250 cashback. This is aimed at helping buyers with the extra upfront costs they might face following recent changes to stamp duty thresholds.
Schemes like these can make a real difference to those struggling to save, especially as high house prices, living costs, and mortgage rates continue to challenge first-time buyers across the UK.
What's standing in the way?
Recent research from West Brom Building Society, based on a survey of more than 2,000 private renters, shows that:
52% see high house prices as the biggest barrier to buying
40% say rising living costs are making it harder to save for a deposit
25% cite high mortgage rates as another challenge
34% say other financial goals like paying off debt or saving for a wedding are taking priority
Interestingly, while nearly half of renters have tried to save for a deposit at some point, only 28% say they are currently doing so.
What does this mean for you?
If you're trying to figure out whether home ownership is realistic, you're not alone. The challenges are real - but so are the solutions.
Low-deposit mortgages, cashback deals, and local support can all make a difference. And while it might not feel easy, the right advice and a clear plan can move things along quicker than you might think.
At & Co, we work with experienced mortgage advisors who understand what’s available to first-time buyers. Whether you're ready to buy or just starting to think about it, we’re here to help you explore your options and take the next step when you're ready.
Thinking of buying your first home?
Let’s talk. Whether you’ve got a deposit saved or you’re not sure where to begin, we can help you understand what’s possible.
This article is for general information only and does not constitute financial advice. Please speak to a qualified mortgage advisor for advice tailored to your individual circumstances.
