Notices
  • Service update - due to planned essential maintenance our Online Service will be unavailable on Friday 28 January from 18:00 until Saturday 29 January 12:00.

  • Following the Bank of England’s decision to raise the Bank Rate by 0.15% to 0.25% in December 2021, Windfall Bond and Tracker Savings Bond rates increased by 0.15% from 1 January 2022. Tracker mortgages changed from 25 January and we have written to customers individually with revised payment details where the new rate exceeds the minimum rate (or ‘floor’) already applying to their mortgage. We will be considering our other savings and our variable mortgage rates after the Bank of England MPC meeting on 3 February. (Notice updated 19/01/22)

  • Please note that the Premium Saver (5) has now been withdrawn from sale. 
    If you have opened an account, you may add funds until 3pm, 7 February 2022, after this no additions will be allowed.

Can I get a mortgage for less than my rent?

Having been renting for years and saving a small deposit to buy your first home, can a mortgage cost less than renting?

The mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

It’s possible yes and would depend on your income affordability, outgoings and the term you want to repay the mortgage over. 

You'll need a deposit of at least 5% of the property value and you’d need to go through a mortgage advice process to establish what type of products are available, the monthly mortgage payments and costs including valuation, legal fees and stamp duty.

Products are available specifically for first time buyers with small deposits and these sometimes include help with some of the costs involved and low fees. The interest rate on loans with smaller deposits will be higher than for other loans.


Family assistance

One way to reduce the cost is through mortgages that allow other family members to provide extra security, either through a charge over their own property or their savings. This can reduce the interest rate and by offsetting savings family members can also help reduce the monthly payment.

Find out how our innovative award-winning Family Mortgage can help buyers with a low deposit to purchase a property, using security provided by their family.

First time & family assisted mortgages

We offer a range of traditional and innovative mortgages to help customers achieve their dream of getting onto the property ladder.