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First Home Deposit Gift
Borrow more on your mortgage to help a first-time buyer with their deposit and receive £500 from us.
You gift them, and we'll gift you.
Borrowing more on your mortgage could help a family member secure their first home.
Gifting them can help top up their savings or cover all of their deposit. To receive your cashback reward, their mortgage also needs to be with us at Lloyds.
Take the next step, together.
Features and benefits
Let's break it down
What to do as the supporter
What to do as the first-time buyer
Apply to borrow more
Start your application and select 'Gift a deposit to a first-time buyer' as your reason for borrowing.
Borrow more
If you’ve had a mortgage with us for 6 months or more, you could apply for additional borrowing. Conditions apply.
First-time buyer
Check out our first-time buyer mortgage deals to help you unlock the door to your new home.
Let’s look at the details
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Existing mortgage customers can apply for additional borrowing and use this to gift a first-time buyer part or all of their deposit. A first-time buyer is someone who's never had a mortgage or bought property in the UK or abroad.
To get the £500 cashback you must gift the deposit to a Lloyds first-time buyer, who is a family member. They also need a letter confirming your gift as part of their mortgage application.Â
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The first-time buyer you’re gifting will be given a mortgage roll number once they’ve completed an agreement in principle (AIP) with us.
They can find it by logging into their mortgage journey online or checking their mortgage agreement documents. It’s made up of 12 numbers. -
The first-time buyer doesn’t need to add to the deposit if the gift covers the preferred deposit amount in full. But they can always pay a larger deposit if they choose to. This means they'll borrow a smaller amount, and the overall cost of their mortgage will be less.
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We'll pay the supporter's cashback into the account the existing mortgage is paid from.
We will aim to pay cashback to the supporter within 60 days of the first-time buyer completing on their property.If you meet all the criteria and do not receive your cashback then contact us by emailing firsthomedepositgift@lloydsbanking.com
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In the unfortunate event that the first-time buyer purchase does not proceed as expected you have a few options on what to do with the additional borrowing.
You can either keep it, continue with the payments and gift it to the first-time buyer in the future (you’ll only receive the cashback if they complete on a property with a mortgage from Lloyds). Or you could choose to follow our returned further advance process by calling 0345 603 1637. Please let our colleagues know that you're returning money borrowed to gift as a deposit to a first-time buyer.
Returning additional borrowing this way will make sure that we can waive any potential early repayment charges.
Only return the money if you're sure you won't need it in the future, or you'll need to complete a new application.
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As a supporter, before applying for the additional borrowing, make sure your relation to the first-time buyer is within our gifted policy - we'll need a proof of gift letter.
As a supporter, make sure you request your money before your offer expires and before the first-time buyer completes to avoid any delays.As a first-time buyer, before paying any fees such as solicitor or valuation costs, check that your supporter can access the funds for your deposit.
Explore your options
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