Can I Get a Mortgage Without a Deposit?

If you are a first time buyer looking for a no deposit mortgage, often referred to as a 100% mortgage, then here are some options that may be available to you.

What options are available to first time buyers with no deposit?

100% Track Mortgage for Renters

If you have been renting a property for a minimum of 12 months you may be eligible for the 100% Track Mortgage. If you have paid your rent and household bills on time, then this product is worth exploring, To find out more about the 100% Track Mortgage from Skipton Building Society  Click Here

100% Family Springboard Mortgage

A Family Springboard Mortgage enables a family member to help you without the need to gift money. A family member can deposit cash savings into a safe bank account equivalent to a 10% deposit for 5 years. After 5 years your family member will be get all of their money back, with interested added to it. You must pay your mortgage on time in order for your family helper to be repaid in full.  To find out more Click Here

Family Assist Mortgage

A Family Assist Mortgage works in a similar way the Family Springboard Mortgage. Instead of using a family member’s cash savings as security for the lender, you can use a family members property. As an example, if your parents own a property they can offer part of the value of their property as security against your mortgage. This enables the mortgage lender to offer you a 100% mortgage on your new home whilst placing 20% security on your parents home. The benefit here is that parents can help you even if they have no cash savings available. After 7 years the secured charge is released from your parents home. To chat with a Mortgage Adviser about a Family Assist Mortgage Click Here

Gifted Deposit

Whilst this isn’t a no deposit option, it does enable you to buy without your own personal deposit. If you have a friend or family member that is prepared to gift you some money to cover your deposit, then a Gifted Deposit Mortgage may be available to you. To find our more about using a Gifted Deposit Click Here

Shared Ownership Mortgage

With a Shared Ownership purchase, you buy a share of a property and rent the remainder of the property from a housing association. Shared Ownership is available on both new build and pre-owned homes. Shared Ownership Mortgages are available with no deposit. To find out more about a Shared Ownership Mortgage Click Here

New Build Builders Deposit

If you are looking to buy a brand new home, a builders gifted deposit may be available to you. Builders often offer incentives to help with the sale of new build homes. This can include a 5% Builders Deposit Contribution. Some mortgage lenders will accept this, meaning that you don’t require a personal deposit. To find our more about New Build Mortgages Click Here

Which Option Is Best For Me?

To find out if you can buy your first home without a deposit, simply start here and your dedicated Mortgage Broker will let you know all of your options, and most importantly the best option for you:

What we do:

• Search from a unlimited range of mortgage lenders for the best options available to you
• Offer completely unbiased mortgage advice
• Home buyer mortgages
• Remortgages
• Buy to let mortgages
• Equity release – expert advice for later life borrowing
• Life insurance

What we don’t do:

• Pay your mortgage – if you do not keep up on your mortgage repayments, your home may be repossessed.

 
 
 
 
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