As a first-time buyer, one of the biggest challenges you might face is borrowing enough money to purchase your dream home. With house prices at an all-time high, finding the right mortgage solution can feel overwhelming. Fortunately, Halifax has introduced a scheme designed specifically to help first-time buyers get on the property ladder: the First Time Buyer Boost.
What is the First Time Buyer Boost?
The First Time Buyer Boost is an exclusive scheme from Halifax that allows first-time buyers to borrow up to five and a half times their income. While this might sound a bit extreme, it could be the solution you need to secure the home you want. Of course, there are some important pros and cons to consider, but for many first-time buyers, this kind of boost could be the key to achieving homeownership.
Key Criteria for Eligibility
To be eligible for the Halifax First Time Buyer Boost, there are a few important factors to keep in mind:
- Employment Status: You need to be employed to apply for this scheme. Self-employed individuals are not eligible.
- Income Requirements: You must have a combined income of at least £50,000. This can be made up of two people’s incomes and can include salary, commission, or bonuses. However, it’s important to note that at least one person on the application must be a first-time buyer.
- Deposit: You’ll need a minimum deposit of 10% of the property’s value.
- Property Types: Unfortunately, the scheme doesn’t apply if you’re purchasing a shared equity or shared ownership property.
Why Consider the Halifax First Time Buyer Boost?
If you’re struggling to find a mortgage that provides the borrowing power you need, the First Time Buyer Boost could give you that extra financial help. By borrowing up to 5.5 times your income, you may be able to afford a home that better suits your needs.
Is It Right for You?
While borrowing a larger multiple of your income can help you get on the property ladder, it’s important to understand the potential risks. The more you borrow, the higher your repayments will be, and you need to ensure you can comfortably meet those payments over the long term.
Before making any decisions, it’s always a good idea to speak to an independent whole of market mortgage advisor who can offer advice tailored to your specific circumstances. They’ll help you weigh the pros and cons of schemes like the First Time Buyer Boost and find the best option to suit your financial situation.
In summary, Halifax’s First Time Buyer Boost is an exciting opportunity for many buyers, offering a greater chance of owning your first home. If you think this could work for you, don’t hesitate to get in touch with a mortgage advisor to explore your options.
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Mark John
CeMAP Certified Mortgage Adviser
Mark has called the South Hams home since age 2, attending school in Ivybridge. Art, music, skating and guitar filled his younger days. Though he never reached rock star status, Mark did qualify as a sound engineer.
Now Mark resides in Wembury with his wife Chloe. Living by the sea shapes their life, even inspiring some dodgy surfing! Outnumbered by sons Ethan, Eli and Leo, their pride and joy is their VW camper van.