A practical guide to getting a mortgage in your teens or early twenties, including deposit options, government schemes, and how lenders typically assess younger borrowers.
Mortgages for young people
For many people in their late teens and twenties, buying a home can feel out of reach, especially when deposits are high and credit histories are still building. The good news is that there are mortgage options designed to help first-time buyers, and lenders do consider applications from younger borrowers.
This guide explains how mortgages for young people typically work in the UK, what lenders look for, and which support schemes may help you get started.
Related guides:
- Student mortgages
- Mortgages for young professionals
- How to get a mortgage as a graduate
- Government schemes for first-time buyers
Minimum age for a mortgage in the UK
In the UK, the legal minimum age to purchase and own property is 18. That means most mainstream residential mortgage applications will be based on you being at least 18.
In practice, lenders can set their own minimum ages for different mortgage types. For example, buy-to-let mortgages often have higher age requirements than residential mortgages.
How lenders view younger borrowers
When you’re applying at a younger age, lenders usually focus on a few core areas:
- Affordability: whether your income and outgoings support the monthly repayments.
- Deposit size: a larger deposit can reduce the risk to the lender and may improve the options available.
- Credit history: lenders assess how you’ve managed borrowing and repayments.
- Property and mortgage type: the property’s value and the structure of the mortgage can affect what’s available.
Because many young people have limited borrowing history, it’s common for lenders to place extra emphasis on the information you do have, such as stable income, careful budgeting, and a clean record of payments.
Steps to improve your chances of a mortgage
1) Prepare your deposit strategy
A deposit is often a major hurdle for younger buyers. While deposit requirements vary by lender and mortgage type, many mortgages are structured around you contributing an upfront amount.
If you’re short on cash, it can help to explore options that reduce the deposit burden, such as:
- Government-backed support (where eligible)
- Shared ownership (buying a share and paying rent on the rest)
- Family support (where appropriate, and with a clear understanding of the risks)
2) Build a credit profile where you can
If you’re early in your adult life, you may not have a long credit history. That doesn’t automatically mean you’ll be rejected, but it can make your application more sensitive to any issues.
Practical ways to strengthen your credit profile include:
- ensuring you’re registered on the electoral roll (where applicable)
- keeping existing accounts in good standing
- avoiding multiple applications for credit in a short period
Review your credit report before applying so you can spot any errors.
3) Make your application easier to assess
Lenders prefer applications that are straightforward to understand. Having clear evidence of income, regular payments, and stable circumstances can help.
If your income is variable (for example, commission or self-employed earnings), it’s especially important to present it in a way that reflects affordability over time.
Government schemes that can help first-time buyers
Some government schemes are designed to make the first step onto the property ladder more affordable. These are generally aimed at first-time buyers and may be particularly relevant for younger people.
Shared ownership
Shared ownership lets you buy a share of a property (often between 25% and 75% initially) and pay rent on the remaining share.
Over time, you may be able to increase your share through staircasing, which can reduce the amount of rent you pay.
Help to Buy equity loan (historical scheme in England)
The Help to Buy: Equity Loan scheme in England is closed to new applications. It previously reduced the deposit needed by providing an additional government-backed loan alongside a mortgage. Help to Buy (Wales) is a separate scheme; check its current rules.
Key points to understand include:
- it was typically linked to new-build purchases
- the loan structure affects how much you borrow and how your overall costs are calculated
- eligibility and terms varied by scheme; see our Help to Buy equity loan guide
Lifetime ISA (LISA)
A Lifetime ISA can be used to save towards a first home deposit. It’s designed for people within a defined age range and allows you to benefit from a government bonus on your savings.
If you’ve been saving into a LISA, it can be a useful way to build your deposit over time, especially if you’re planning to buy within a few years.
Other support options that may be available
Guarantor mortgages
A guarantor mortgage can be considered when you don’t have a large enough deposit or your credit history is limited. In these arrangements, a guarantor agrees to take on responsibility if you’re unable to meet repayments.
This can be helpful, but it’s important to understand that the guarantor is exposed to risk, which can affect their own finances and property.
Family deposit or “springboard” style arrangements
Some products involve a family member providing support in a structured way, such as holding savings for a period while you build momentum with repayments.
The exact mechanics vary by lender and product, so it’s important to understand:
- how the arrangement is secured
- what happens at the end of the term
- whether there are any conditions that could affect release of funds
Mortgage products and lender preferences
Some lenders offer mortgage options that may be more suitable for younger buyers, including products with different deposit requirements or repayment structures.
In addition, some lenders may take a more favourable view of certain professions, depending on how they assess risk and affordability.
Lowest Rate First-Time Buyer Mortgages
Can you get a mortgage with bad credit?
It is possible to obtain a mortgage when you have less-than-perfect credit, but it often depends on the nature of the issues and your overall affordability.
Lenders typically look for red flags such as:
- missed or late payments
- defaults or county court judgments
- high levels of existing debt
If you’re worried about credit history, the most important thing is to understand how it affects the options available to you. In some cases, a larger deposit or a specialist mortgage route may be needed.
For more detail, read adverse credit mortgages for first-time buyers.
Putting it all together
Mortgages for young people are achievable, but they usually require a clear plan around affordability, deposit funding, and credit readiness. Whether you’re buying straight away at 18, getting ready in your early twenties, or exploring first-time buyer support, the best approach is to match the mortgage route to your situation.
Get in touch
We are your online mortgage broker, offering you the convenience of applying for a mortgage online. However, we understand that sometimes you may prefer to speak with a human - phone, email or in person.
- Phone number
- 01133 205 902
- hello@cyborg.finance
- Postal address
-
31 Bradford Chamber Business Park,
New Lane, Bradford, BD4 8BX
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We are authorised and regulated by the Financial Conduct Authority (No. 919921). The Financial Conduct Authority does not regulate most Buy to Let mortgages.
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