Three creative ways to get on the property ladder if you don’t have enough income or deposit

Is the perception that aspiring young homeowners can’t get on the property ladder always correct?

It’s no secret that here in the UK property prices are at an all-time high, but if you’ve been turned down for a mortgage because your income or deposit isn’t big enough, it might be worth looking again at some lesser-known buying schemes.

Here at Mortgage Medics, we’re always helping aspiring first time buyers and often it’s possible to exceed their expectations in terms of how much can be borrowed or how they can get on the property ladder.

Below are 3 lesser-known potential solutions which could help you get on the property ladder:

  1. Joint Borrower Sole Proprietor (JBSP) : Similar to ‘Guarantor’ mortgages of the past, this is where the mortgage is taken out by two (or more) borrowers but not all borrowers are legal owner(s). Often this could be a son or daughter (and potentially a partner) being the legal owner(s) and their parent(s) being joint borrowers on the mortgage, which could increase the overall borrowing capability and allow a higher value property to be purchased.

This doesn’t affect the parents tax status & it also allows the son/daughter to buy their own place and still benefit from First Time Buyer stamp duty relief.


  1. Using a Personal Loan for Deposit: If you’ve got a strong income but have found it difficult to save for a deposit, some lenders will allow you to take a personal loan to use as deposit. There are a few things to consider with this though.
  • The personal loan provider must allow you to use the funds as deposit for a purchase – not all loan providers accept this as an acceptable purpose.
  • The loan repayments will be factored in to your overall affordability and may reduce what you could otherwise borrow on a mortgage.
  • You must be comfortable with the combined cost of both the mortgage and personal loan repayments.


  1. Let a Spare Bedroom to a Lodger: There is a lender out there that can lend up to 8 times your income.  You must be a single applicant buying a two (or more) bedroom property. The lender then calculates how much rent you might receive for the spare room and uses this to enhance your mortgage affordability.  They do however require a 20% deposit, so this isn’t for everyone.


These are just three examples of lesser-known schemes and there may be others that could work for you.  It’s crucial to take advice from an independent mortgage professional, and any application would be subject to circumstances, credit check and underwriter assessment.


If this has got you thinking, why not get in touch and see what we could do, or sign up to our mailing list to receive our monthly newsletter in your inbox and keep your finger on the pulse.


William Sproule – 28th April 2022

Will Headshot