First Time Buyers with No Deposit Mortgages
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As a first-time buyer, one of the biggest barriers to home ownership is saving up enough money for a deposit. Increased rental costs are making it extremely difficult for many first buyers to put enough money away each month, causing many to struggle to get on the property ladder.
In general, lenders require you to put down a deposit. It can be as little as 5% but in many instances, they require between 10%-20% of the property’s value. The bigger the deposit, the better the rate you are eligible for but with the average UK property price standing at £267,100 (as published by Zoopla Oct 2024), home ownership is out of reach for many first-time buyers.
However, there are some mortgages available where you don’t need to put down a deposit at all and can borrow 100% of the property’s value. We explore some of those products on this page.
Skipton Building Society’s £0 deposit Track Record Mortgage
Skipton Building Society is now offering a mortgage product called the ‘Track Record Mortgage’ to first time buyers with £0 deposit!
These mortgages are primarily targeted towards first-time buyers but others may also be eligible.
In order to be eligible for Skipton’s mortgage product without the need for a deposit, you must meet the following criteria (as stated on their website as of 07/10/2024):
• You mustn’t have owned a property in the UK in the last 3 years • You must be aged 21 or over • You must have had no missed payments on debts / credit commitments in the last 6 months • You must want to borrow less than £600,000 • You must be looking to buy a property in the UK (not Northern Ireland) If you are a sole applicant, you must: • Have paid all rent for 12 months in a row, within the last 18 months. The lender may also want to see proof of payments of household bills. If you are joint applicants (up to 4 people) you must: • Be able to prove that all rent has been paid either by one applicant or collectively for 12 months in a row, within the last 18 months • If you’ve been renting separately you must be able to prove that you have paid all your rent • In either case you may be required to evidence proof of payments of household billsIs there a maximum age limit for the Track Record Mortgage?
As it stands, the maximum age at the end of term is 75, however evidence of expected retirement income may be requested and taken into account. For people reaching State Pension age now, the State Pension age is 66. If you were born after 5 April 1960, there will be a phased increase in State Pension age to 67, and eventually 68.
I have some deposit saved up, can I use this to reduce the amount I need to borrow?
Yes- although Skipton Building Society don’t require a deposit for their Track Record Mortgage, you may still be eligible providing your deposit is less than 5% of the property value.
What documentation do Skipton BS require for proof of rental payments?
Skipton Building Society require 12 months bank statements (full or concise) or a letter from the letting agent (needs to be Association of Residential Lettings Agents (ARLA) registered, or suitable alternative, e.g. NAEA, NACA) detailing the 12 monthly rent payments.
Can I buy a new build home using the Track Record Product?
Yes- you can potentially buy a new build home with no deposit.
Can I apply for the Track Record mortgage alongside other schemes?
The Track Record Mortgage can be used alongside Shared Ownership. However it cannot be used in conjunction with any other schemes.
I rented for more than 12 months but then moved in with family whilst I saved for a deposit, am I still eligible for the Track Record Mortgage?
You may be accepted so long as you can provide evidence of at least 12 months rental payments in the UK, in a row. If all applicants moved out more than 6 months ago, unfortunately you will not be eligible. If you rent again for a minimum of 12 months’ we can consider your application in the future.
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First Time Buyer Guarantor Mortgage
A guarantor mortgage is a type of home loan where a third party, usually a family member or close friend, agrees to be legally responsible for the mortgage if the borrower is unable to make their payments. This third party, known as the guarantor, helps the borrower secure the mortgage, often when they have a limited credit history, low income, or no deposit.
The guarantor offers their own assets (either savings or property) as security for the loan. This means that if the borrower defaults on the mortgage, the lender has the right to use the guarantor’s assets to cover the missed payments.
Here are two common types of guarantor mortgages:
1. Savings as Security: The guarantor deposits a lump sum into a special savings account linked to the mortgage. This money is held as collateral and can be accessed by the lender if payments are missed. 2. Property as Security: The guarantor uses the equity in their own property as collateral, allowing the lender to place a charge on their property if the borrower defaults.While a guarantor mortgage can help borrowers who might not otherwise qualify for a traditional mortgage, it comes with significant risks for the guarantor, who is liable for the debt if the borrower cannot repay.
Guarantor mortgages are often aimed at first time buyers although other applicants may also be eligible.
Family Deposit Mortgages
A Family Deposit Mortgage (also known as a Family Assist Mortgage or Family Boost Mortgage) is a type of home loan designed to help first-time buyers or those with low deposits get onto the property ladder with assistance from a family member, typically a parent or grandparent. Here’s how it typically works:
1. Family Member as Support: A close family member provides financial assistance, often by using their savings or equity in their own home as security for the mortgage. 2. Savings as Collateral: The family member deposits money (often around 10% of the property’s value) into a special savings account with the mortgage lender. These savings are held as collateral in case the borrower defaults on their mortgage payments. The family member usually gets the money back after a set period (e.g. 5 years), assuming the borrower keeps up with their payments. Some also earn interest on their savings. 3. Equity in Property: In some cases, the family member might use equity from their own property to act as security for the loan, allowing the lender to place a charge on their property. 4. Reduced Deposit for the Borrower: This support allows the borrower to secure a mortgage with little to no deposit of their own, sometimes as low as 0-5%, which wouldn’t be possible under normal circumstances.Key Points:
• The family member doesn’t own a share in the property and isn’t required to make monthly payments unless the borrower defaults. • The family member’s assets (savings or property equity) are tied up for a certain number of years until the borrower demonstrates they can reliably meet the mortgage payments. • Some family deposit mortgages come with competitive interest rates due to the reduced risk for the lender. • It’s an attractive option for first-time buyers who may not have a large deposit but have a family member willing to help them get started. While this type of mortgage can be a great help for some, it also comes with risks for the supporting family member, especially if the borrower struggles to meet their payments.Family Offset Mortgage
A family offset mortgage is similar to a family deposit mortgage, but with one key difference: your family member doesn’t earn interest on their savings. Instead, the savings are used to reduce the amount of interest you pay by offsetting the mortgage balance, resulting in lower monthly payments.
What are the advantages of £0 deposit mortgages?
No Need for a Lump Sum Deposit: The most significant benefit of a £0 deposit mortgage is that you don’t need to save for a deposit, which can often be the biggest barrier to homeownership.
Faster Entry into the Housing Market: You may be able to purchase a home sooner if you don’t need to save for a deposit/ This is particularly helpful if house prices are rising, as waiting to save a deposit could make properties more expensive in the future. Useful for Renters Struggling to Save: If you are finding it difficult to save while paying rent and living expenses, a £0 deposit mortgage may allow you to buy a home without needing to balance saving for a deposit and covering other costs.What are the disadvantages of a £0 deposit mortgage?
You risk falling into negative equity: This means your home could become worth less than what you paid for it.
Mortgage rates may be higher: This is due to the fact that there are fewer 0% deposit mortgages available in the market. Potential financial risk for your guarantor or family member if they are supporting your mortgage: Their property may be at risk if you miss payments, or they might be unable to access their savings for a set period.It is worth noting that with all of these products, other costs associated with purchasing a property (e.g. valuation fees and legal fees) may apply. Find more information about the costs of buying a home here.
If you want to find out more about your mortgage options and whether you are eligible for a 100% mortgage, get in touch with our expert team. They can conduct a full affordability assessment and advise you on your mortgage options, guiding you every step of the way.