No Deposit Mortgages

Raising a deposit to purchase a property can be a struggle for many first time buyers and home movers.

If you have no deposit there are mortgage options available to help you buy a property such as Shared Ownership mortgages or where friends/family can help you buy.

Our advisers will be happy to discuss this with you.

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No Deposit Mortgages

The biggest challenge facing many first time buyers & home movers is having a suitable deposit in place to allow them to purchase the property of choice. Here we discuss the challenges faced and alternative options available.

Is a No Deposit Mortgage Possible?

At the time of writing this in Sept 2020, given the current climate, and what is happening with the pandemic, many lenders are not lending at 100% of the purchase price, so therefore you will need to put down a deposit of typically 10%-15%, however there are alternative finance options available where a 0% deposit mortgage could well be possible.

What types of mortgages are there where a mortgage is available with no deposit?

Shared Ownership Mortgages – This is where you purchase a share of the property and rent the remaining share from the housing authority. For example if a house was for sale at £400,000, you could buy a 50% share being £200,000 and then pay rent on the remaining 50% (£200,000). On the share you are buying traditional high street banks will require you to put down a 5%-15% deposit, however there is a specialist lender who will currently allow you to borrow a 100% mortgage of the share you wish to purchase.

Family & Friends Help - There are 0% deposit mortgages available with the likes of the Barclays Family Springboard mortgage where a family member or friend can deposit 10% of the property purchase price into a Barclays account as security for the mortgage. The family member/friend will earn interest on these savings. For example if a property is worth £200,000 the 10% contribution from the helper would be £20,000 and this would need to be held in a Barclays account for a minimum of 5 years, unless the property is sold or remortgaged having built up sufficient equity.

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No Deposit Mortgage FAQ's

Are No Deposit Mortgages available?
Yes – There are two ways in which this can be achieved through the shared ownership scheme where a lender could provide a 100% mortgage of the share you wish to purchase or a family assisted mortgage where a family member or friend provides savings equal to 10% of the purchase price to be used as security to the lender which is held in a savings account.
Who offers 100% Mortgages?
Several high street banks offer 100% mortgages providing family or friends can deposit 10% of the purchase price into a savings account with the lender. If you are looking at a shared ownership properties there is a specialist lender that will provide a mortgage to allow you to borrow 100% of the share you wish to purchase.
No Deposit Mortgages
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Product Name: Mortgages

Product Description: No Deposit Mortgages

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Gary has been brilliant throughout the whole process. Very knowledgeable, helpful and efficient. The service provided as a whole, has been excellent, 10/10.