Sean is 21, single, and currently lives at home with his parents. He’s recently started a new job and is keen to get his foot on the property ladder as a first-time buyer. To support him, his family are generously gifting him a deposit towards his first home, helping him take that all-important first step towards independence.

As a first-time buyer, Sean never had a mortgage before, and like many in his position, has limited credit history. His credit score is low, not because of adverse credit, but simply due to a lack of financial footprint, as he’s never taken out any credit agreements. Also, as he still lives at home, he isn’t currently registered on the electoral roll.

Sean earns £21,000 in his current role and has previous experience in his industry. He’s looking to purchase a two-bedroom house in the North East valued at £100,000, with a £25,000 deposit gifted by his family. 

At Foundation, we understand that not every borrower has a perfect credit profile, especially younger first-time buyers like Sean. That’s why we offer mortgage products across multiple tiers to accommodate a wide range of credit backgrounds, and we can cascade applicants through our tiers depending on any credit blips or gaps they may have.

We also welcome gifted deposits, making us a strong option for clients like Sean who are relying on family support to help them purchase their first home. 

If you’re working with a client in a similar position, check out criteria guide for more details or give your Foundation regional area manager a call today. As always, we’re happy to talk a case through.