Are there more ways to help your loved ones than you realise?
Most people over 50 aren't aware of the many ways to help family members buy a home. That’s what we found from a recent survey of almost 2,500 Saga customers. Family support mortgages and income boost schemes may offer innovative solutions. But 53% of people over the age of 80 aren’t aware that mortgage products are a gifting option.
Family support mortgage options
Family support mortgages and income boost schemes can provide a means of helping family members without gifting lump sums. Saga research shows that awareness of these products is low. But they are growing in popularity with people aged 45 to 60.
Becoming a booster for Millennial first time buyers is more popular with Gen X, who comprise 47% of boosters. But those aged over 80 are 51% more likely to gift money via deposits to family members than Gen X and Boomers.
Here are some of the ways you could support your family with help from Saga Mortgages.
Savings as security
You use your savings to help a loved one buy a home, then get your money back. Your money goes into a savings account, to be used as a security on the mortgage. After a fixed period, you can get your savings back – plus any interest you’ve earned. You may lose your savings and the purchased home may be repossessed if your loved one does not keep up the payments.
Income Boost
You use your current income to increase how much they can borrow. With an Income Boost, you won’t need to give away any of your own money. You will be jointly liable, but not a co-owner.
This means you don’t need to financially support your loved one's monthly repayments. But by acting as a guarantor, you may be liable for any missed payments. And if your loved one is unable to pay, their home may be repossessed.
Deposit Boost
With a Deposit Boost, you release some of the money tied up in your home by taking out your own mortgage. You can use this to boost their budget or deposit, without using your savings or income.
Retirement Interest Only mortgages
You could access some of the equity in your property by taking out a Retirement Interest Only mortgage. Once you've freed up a lump sum, you could increase the size of your loved one’s deposit.
With regards to paying off the loan, this tends to happen when your home is sold. This could be when you pass away or enter long-term care.
Is the bank of Mum and Dad a risk?
As young people seek ways to get on the ladder, the bank of Mum and Dad is an ever more popular option. This now funds over 10% of buyer deposits – up from 6.9% in 2020 (Financial Reporter, March 2025). But gifting a deposit to younger family members can come at the expense of your financial security.
Saga data found that 33% of customers who had done so had said it had impacted their financial security. This was mainly customers just over the age of 50, who are likely to still be juggling complex finances.
Alex Edmans, Product Director at Saga Money says: “We’ve long known that the ‘Bank of Mum and Dad’ is rising in significance in the UK, with the majority of people over 50 saying that gifting money to family members feels like the right thing to do. There are many ways to make the most of your money, so we suggest exploring all options to find the approach that works best for you and your family”.
How Saga Mortgages could help you
Saga Mortgages gives you access to award-winning mortgage advice and thousands of deals from over 100 lenders. We partner with award-winning mortgage broker Tembo to bring you a range of ways to lift your loved ones onto the property ladder.
Your dedicated adviser will support you and your loved ones every step of the way, helping you secure the right mortgage for your needs. After your first mortgage with us, you'll never pay advice fees again. No matter how many times you move or remortgage, there's only a one-off fee (up to £749).
The data in this article was collected through insights from almost 2,500 customers from Saga’s Experienced Voices panel. It surveys the opinions of people over 50.
Here and ready when you are
Whether you have questions about a specific kind of mortgage or just want to find out more, the expert team are on hand to help.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up with payments on your mortgage. Saga Money may receive payment from Tembo if you get a mortgage offer via the Saga Mortgages service. This will not affect the amount you pay for the service.
Saga is a registered trading name of Saga Personal Finance Limited, which is registered in England and Wales (company number 3023493). Registered office 3 Pancras Square, London, N1C 4AG. Saga Personal Finance Limited is authorised and regulated by the Financial Conduct Authority under the registration number 178922.
Tembo Money Limited (12631312) is a company registered in England and Wales with its registered office at 18 Crucifix Lane, London, SE1 3JW. Tembo is authorised and regulated by the Financial Conduct Authority under the registration number 952652. Tembo Money was awarded Best Mortgage Broker at the British bank awards in 2022, 2023, 2024 and 2025.
Family supported Mortgages
Provided by Tembo
Find out all you want to know about family supported mortgages with expert advice.
