12 May 2026
First-time buyer mortgages available with £5,000 deposit
From 18th May 2026, Halifax (part of Lloyds Banking Group) is launching a ‘£5k Deposit mortgage’ to help first-time buyers get onto the property ladder sooner.
“Getting a deposit together is one of the main barriers to buying a home”, said Amanda Bryden, head of Halifax Intermediaries and Scottish Widows Bank.
As with any product, there is specific criteria to be able to apply:
- Deposit: £5,000
- Available through Lloyds Bank, Halifax, and Bank of Scotland
- Homes costing up to £300,000 (max loan £295,000)
- The product is a five-year fixed-rate mortgage at 5.89%
- No product fee
- Max term 40 years
- Must have a good credit rating
- At least one applicant must be a first-time buyer
- Available to employed or self-employed borrowers
- Available through an intermediary or direct
- Shared ownership schemes, new-build homes, and gifted deposits are excluded
For further information, get in touch with the team at Mortgage Required on 01628 507477.
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