Could you buy your first home with just £5,000 saved?

Getting onto the property ladder just got a little more achievable. Halifax has launched a brand-new low-deposit mortgage scheme that lets first-time buyers purchase a home with as little as £5,000 saved.

Why this matters

Saving for a deposit is consistently one of the biggest hurdles for first-time buyers. With average house prices remaining well above what most people can save quickly, the gap between aspiration and reality has felt enormous for many. Halifax's new scheme is a direct response to this. By reducing the deposit barrier, more buyers who are financially ready in every other sense can now act.

How the Halifax £5,000 deposit mortgage works

From 18 May 2026, Halifax is offering a five-year fixed-rate mortgage for first-time buyers who have saved a personal deposit of at least £5,000. This must be a genuine cash contribution. It cannot be a gifted deposit, and Halifax may ask for proof of funds.

The scheme allows buyers to purchase a property up to £300,000, making it well-suited to buyers in many parts of the UK outside of London and the South East, as well as those in more affordable city markets.

Key details at a glance:

• Minimum deposit: £5,000 (personal savings, cannot be gifted)

• Maximum purchase price: £300,000

• Maximum LTV: 98.34%

• Product type: 5-year fixed rate

• Product fee: £0 available above 95% LTV

• Valuation: Free Level 1 mortgage valuation included

• Minimum income: None, employed and self-employed both eligible

• Income multiple cap: Up to 4.49x loan-to-income

Who is eligible?

At least one applicant on a joint application must be a first-time buyer. There is no minimum income requirement, so employed and self-employed buyers are both welcome to apply. The property must be the applicant's only residence. Second homes, buy-to-let properties, or any other property interest would rule out eligibility.

A minimum credit score is required. Where this threshold isn't met, standard maximum LTV limits will apply instead. It is also worth noting that existing credit commitments will be included in Halifax's affordability calculation, even if declared as being repaid at or before completion.

The scheme is not available on new build properties or affordable housing schemes.

What about joint applications?

Good news for couples or friends buying together. Only one person on a joint application needs to be a first-time buyer. If you're buying with a partner who has owned before, you may still qualify, provided the first-time buyer is listed as the lead applicant.

Is this the right mortgage for you?

With no minimum income level and a deposit requirement that many renters can realistically reach, this scheme opens a genuine path to homeownership for a wider group of buyers than most standard 95% LTV products. The five-year fixed rate also provides the payment certainty that many first-time buyers value when budgeting as homeowners for the first time.

If you've been putting off looking into mortgages because you assumed you hadn't saved enough yet, this could be worth a conversation.

Ready to find out more?

We help first-time buyers navigate schemes like this every day, from understanding your options to securing the right deal for your circumstances. Find out more about how we support first-time buyers here: https://aspectmortgages.co.uk/mortgages/first-time-buyers

Or get in touch with our team directly. We're happy to talk through whether this scheme could work for you.