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Mortgage lender bans deposits from Bank of Mum and Dad

Summary
A major lender has barred first-time buyers from using the Bank of Mum and Dad to secure its new mortgage loan. Newcastle Building Society announced it will loan up to £350,000 for first-time buyers this week, with deposits as low as £5,000. However, the lender stipulates that buyers must fully fund their own deposit.

3 Articles

The TelegraphThe Telegraph
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Mortgage lender bans deposits from Bank of Mum and Dad

New loan reserved for first-time buyers without access to parental help

·London, United Kingdom
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The SunThe Sun
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Major lender bans Bank of Mum and Dad as it launches new £5k deposit mortgage

FIRST-TIME buyers can now purchase a home with just a £5,000 deposit - but the savings can't have come from your parents.The new "First Step" mortgag

·United Kingdom
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GB NewsGB News
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Mortgage crackdown: Major lender bans deposits from Bank of Mum and Dad

Open the article to view the coverage from GB News

·London, United Kingdom
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GB News broke the news in London, United Kingdom on Wednesday, September 10, 2025.
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