Logo
DropdownArrow
DropdownArrow
DropdownArrow
Calculator
LoginGet a mortgage

Can't afford to buy the home you need?

A Deposit Boost could be the answer. This is a way for a willing family member or friend to pass on some of the equity they’ve built up in their own property, in the form of a gift. Why? So they can help you onto the property ladder.

Get Started
hero-image

More about Deposit Boosts

A Deposit Boost is a way to release money from a friend or family members property to top up an existing house deposit or create one from scratch. Nationwide Building Society have partnered with Tembo, a family lending platform to show you whether you could qualify for a Deposit Boost. If you like the look of it, you'll have the opportunity to book an appointment with a Nationwide Specialist mortgage adviser to discuss further

My plansHow it works

Deposit Boosts Explained

  • What is it?

    A Deposit Boost is a form of remortgage or lifetime mortgage taken out by a family member or friend on their property. The proceeds are then given to the buyer as an unconditional gift to put towards their deposit.

  • How it could work for you

    Let's say you've got a Decision in Principle from Nationwide for £180,000 with a £20,000 deposit. You want to buy a property of £240,000 meaning you need a Deposit Boost of £40,000 to buy your home.

  • Releasing the money

    Your family member or friend takes their own mortgage on their property and gifts the proceeds to you

  • Benefits

    The main benefit is buying a home sooner. It can also be used to reduce your Loan to Value (LTV) so you can access lower interest rates.

  • Risks & Considerations

    As with all loans and mortgages, it's important to understand the potential risks and eligibility criteria when making a decision. The Booster will be liable for their own mortgage

Deposit Boost Example Breakdown

home

So let’s say your dream home is £200,000 but the maximum you can afford is a home for £160,000.

BoltIcon
booster

booster

divider

With Tembo and an eligible booster, we could get you that home.

divider
HomeIcon
buyer

buyer

BoltIcon

Your Dad wants to fill the £40,000 gap

He can do so by releasing money from a property, using a Deposit Boost. So he speaks to a Nationwide Specialist Mortgage Advisor to check his eligibility and recommend the best way to unlock money from his property.
See the available options.

BoltIcon

He releases £40,000 from his property and gifts it to you

As the Deposit Boost is a mortgage your dad's name, he is legally responsible for monthly payments. Repayments start at £80 p/m for a £40,000 loan.

mobile-dividerdivider
HomeIcon

With your new deposit, your Nationwide Mortgage Advisor will arrange a mortgage to buy your home

A bigger deposit means lower interest rates.

mobile-divider
divider
BoltIcon

Your Booster has helped you get on the ladder!

mobile-dividerdivider
HomeIcon

Time to enjoy your home!

Deposit Boost options to release money from a Boosters property

Standard Repayment Mortgage

With this mortgage, you pay back both the interest and capital monthly. So, you repay your mortgage in full by the end of its term, finishing before borrowers are age 75. 

Maximum borrowing amount: Up to £2m, subject to restrictions on eligibility and loan-to-value

Retirement Capital & Interest

With this mortgage, unlike a standard Nationwide mortgage their mortgage term can be extended past the age of 75. Similar to a standard mortgage you pay back both the interest and capital monthly. This means the capital is paid back by the end of the mortgage term, or when the last borrower moves into long term care or dies, whichever happens first.

Maximum borrowing amount: £500,000.

Retirement Interest-Only

With this mortgage, your monthly payments only pay off the interest on the mortgage. The capital is usually repaid when the last borrower moves into long-term care or dies, and your home is sold. Any money left over is passed on to the people you name in your will.

Maximum borrowing amount: £500,000.

Equity Release

Nationwide’s equity release product is a Lifetime mortgage. With this mortgage, you don’t have to make monthly payments - unless you choose to. If you don't make monthly repayments, the balance increases over the term. The mortgage and any interest that has accrued is usually repaid when the last borrower moves into long-term care or dies, and your home is sold. Any money left over is passed on to the people you name in your will.

Maximum borrowing amount: depends on your age and how much your property is worth.

Options are subject to eligibility and lending criteria

hero-image

Booster eligibility criteria

Get started

How to buy a home using a Deposit Boost

feature

Step 1 - Check your eligibility

Register online and Tembo's technology will find Nationwide deals for the buyer and their family

feature

Step 2 - Chat to a Nationwide Specialist Mortgage Adviser

Nationwide Specialist mortgage advisors are trained to help families find a way to buy a home. They’ll advise the Booster on their best options and help the buyer find the perfect Nationwide mortgage for their new home.

feature

Step 3 - Mortgage Application & Offer

Once you are ready to proceed, your Nationwide specialist mortgage adviser will submit the boosters and the buyers mortgage application and guide you through to completion. Subject to eligibility and underwriting

avataravataravatar

Chat to a Nationwide Specialist Mortgage Adviser

Who specialises in advising families on how to buy a home.

Get started

More about Nationwide's partnership with Tembo

feature

Buying a home is harder than ever

Nationwide has partnered with Tembo to help a new generation of buyers get a foot on the ladder

feature

Use Tembo to review your Nationwide options

Your Tembo plan will show you how a deposit boost could help you buy your home.

Frequently Asked Questions

Get started