A year on from launch, £5k deposit mortgage helps more than 800 first-time buyers onto the property ladder

08 April 2025

Customers describe how it enabled them to ‘stop planning and start living’

Accord is celebrating the first anniversary of the launch of its 5K Deposit Mortgage which has now helped more than 800 people into their own first homes.

The innovative product helps first-time buyers to overcome the biggest barrier to homeownership – raising a large enough deposit – by enabling them to buy a property worth up to £500,000 with a deposit of just £5,000, shaving years off their saving-up time, and was recently made available to borrowers buying flats.

Jeremy Duncombe, managing director of Accord Mortgages, said:

“The stories fed back to us by our valued broker partners have been really humbling. They’ve told us how the £5k Deposit Mortgage has helped them overcome the frustration of having to say no to clients who are otherwise worthy of a loan, but just haven’t managed to save up the size of deposit now required given today’s high house prices.

“The positive response from brokers and their customers has meant a great deal to our team, because helping people to achieve their homeownership and the life goals that enables, is the driving force behind everything we do.”

In fact, customers have described how the product has completely changed their lives – enabling them to get on the housing ladder quicker and proceed with plans such as getting married and having children.

The product has proved very popular among its specific first-time buyer target market, and its success has spurred Accord on to do even more for beleaguered first-time buyers – launching a new product range at the end of March offering up to £6,250 cashback to help them with the increased costs they face following the changes to Stamp Duty thresholds from 1 April.

Borrowers helped include Leona and Mark from Aberdeen, who were able to buy the perfect place to start a family (read their story in the Notes for editors section below).

Laura Mackay from Gail Reid Mortgage Services, who helped the couple secure their mortgage from Accord, said:

“I’d known Leona and Mark for over a year and initially not been able to secure them a mortgage, which was incredibly disappointing because buying a home meant so much to them and I could see that they were very worthy borrowers.

“However, I stayed in touch with them and guided them on how to get their finances in the best possible shape to secure a deal in the future. As soon as the £5k Deposit Mortgage came out, I got in touch with them and submitted an application for them.

“They were absolutely over the moon to get a ‘yes’ and I was delighted to have been able to help finally make their dreams a reality.”