According to the Council of Mortgage Lenders, around 66% of first time buyers have assistance from family members when buying their first home, often in the form of a gifted deposit.

Giving away savings in this way can be risky as the helper has no say in the property, no control over the money and no great prospect of it being returned should they ever find that they need it in future.
Recognising this we’ve developed our Family Assist Mortgage, an innovative product that allows a buyer to borrow up to 100% of a property’s purchase price provided that a relative is able to deposit savings of 20% of the purchase price for a minimum of 4 years.
This cash is held in an account in the helper’s name, separate to the mortgage for a minimum of 4 years after which time (provided that all mortgage payments are up to date) it will be released back to the helper.
How the Family Assist Mortgage works

Family Assist FAQ for Borrowers

Family Assist FAQ for Helpers

Initial Rate

3.65% which includes a 1.55% discount from our standard variable rate for 4 years followed by our standard variable rate for the remainder of the term, currently 5.20%.


Valuation fee refunded on completion.

£200 will be paid on completion towards solicitor's fees.

Early Repayment Charge

A full or partial capital repayment, which exceeds 10% of the capital balance amount in any one year during the discount period will attract an early repayment charge of 3% on the excess payment.


A £199 arrangement fee is payable.

A valuation fee is payable. This amount varies depending upon the value of the property. Click here for our latest valuation fee scale. This fee will be refunded on completion.

For a comprehensive list of other fees and charges that may apply to you as a mortgage customer, click here.


Minimum age of applicant: 18

Maximum age at maturity: 85

Minimum term: 5 years, maximum 35 years

Minimum loan size: £25,000

Maximum loan size:

  • £750,000 to 80% LTV
  • £350,000 to 90% LTV
  • £300,000 to 100% LTV

Property location: England & Wales

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Representative Example

A mortgage of £100,000 payable over 20 years on an initial rate of 3.65% which includes a 1.55% discount from our standard variable rate for 4 years followed by our standard variable rate, currently 5.20%, for the remaining 16 years would require 48 monthly payments of £587.70 and 192 monthly payments of £655.88.

The total amount payable would be £154,927.56 made up of the loan amount plus interest (£54,138.56) and arrangement fee (£199), valuation fee (£170), solicitor fees (£250), Funds Transfer Fee (£15) and a Mortgage Exit Fee (£155).

The overall cost for comparison is 4.8% APRC representative.

Vernon Building Society
19 St Petersgate

Tel: 0161 429 6262
Email: info@thevernon.co.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

*The 'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.


Vernon Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (registration number 195475).  You can check this on the Financial Services Register. We are also a participant of the Financial Services Compensation Scheme (FSCS). Details of the scheme can be obtained from www.fscs.org.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

For independent information about financial products and services visit  www.moneyadviceservice.org.uk

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