Stepping onto the property ladder can be overwhelming, so we have provided an overview of a range of borrowing schemes to help you secure the home you’ve been dreaming of. Our experts are here to guide you through every step of the process, ensuring you find the right mortgage product tailored to your financial needs. Let us help you make informed decisions and navigate your home-buying journey with ease.
1) A leading UK mortgage lender, is now offering a deal for prospective homebuyers looking to get on the property ladder with a minimal deposit. Under this new arrangement, borrowers can secure up to 99% of the property’s value with a deposit as low as £5,000. This offer is specifically for house purchases, excluding flats, with property values ranging between £100,000 and £500,000.
This opportunity is ideal for first-time buyers or home movers who may struggle to save a significant deposit but are eager to buy their own home.
Key details of the offer:
– Maximum Loan-to-Value (LTV): Up to 99% LTV, meaning you only need to provide a deposit of 1% of the property’s value.
– Minimum Deposit: £5,000, applicable to homes priced at £100,000 or more.
– Property Type: Houses only; this offer is not available for flats or maisonettes.
– Property Value Range: The deal is available for properties priced between £100,000 and £500,000.
– Loan Limit: Borrowers can take out loans for up to £495,000, depending on the value of the property and the size of the deposit.
Here’s a breakdown of how the deal could work for various purchase prices:
| Property Value | Deposit (1%) | Mortgage (99%) |
| £125,000 | £5000 | £120,000 |
| £200,000 | £5000+ | £195,000 |
| £350,000 | £5000+ | £346,500 |
| £500,000 | £5000+ | £495,000 |
While the minimum deposit is set at £5,000, the actual percentage of deposit required may increase for homes valued over £500,000, as the mortgage cap is £495,000.
2) A top Building Society is offering a mortgage opportunity for renters who have consistently demonstrated their ability to meet rent payments over the past 12 months. With a 100% mortgage, renters can borrow up to the full value of a property without the need for a deposit.
Here are the key details:
– Up to 100% Loan-to-Value (LTV): Borrow the full value of the property, requiring no deposit.
– Eligibility: Renters must show a 12-month track record of paying their rent solely, or as joint tenants if applying for a joint mortgage.
– For Renters: The scheme is designed specifically for renters who can prove financial responsibility through consistent rent payments.
The Track Record Mortgage does have limits on the maximum amount that can be borrowed in relation to the monthly rent a client has paid so far. For example, if a borrower has been paying £1,000 in rent monthly for the past 12 months, the mortgage payment for the new loan cannot exceed £1,000 per month. This means their borrowing amount will be limited to what they can afford based on their rent payments.
This product provides a powerful opportunity for renters to transition to homeownership without needing to save for a large deposit, helping them take that crucial step onto the property ladder.
3) Another leading building society mortgage is designed to make homeownership more accessible for first-time buyers, offering up to 95% Loan-to-Value (LTV). With just a 5% deposit, buyers can secure a mortgage and benefit from enhanced borrowing limits to purchase their first home.
Key features:
– 95% LTV: Borrow up to 95% of the property’s value, requiring only a 5% deposit.
– Boosted Affordability: Nationwide increases the amount first-time buyers can borrow, allowing for higher loan amounts based on income, helping buyers afford homes that might otherwise be out of reach.
– Eligibility: Available for first-time buyers with the ability to meet Nationwide’s affordability checks.
This product provides first-time buyers with a valuable opportunity to step onto the property ladder with a small deposit, while benefiting from increased borrowing power.
For more information on the above, please don’t hesitate to contact Jonathan Birkett via jonathan.birkett@pkgroup.co.uk or +44 (0)20 8334 9953
Disclaimer:
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Loans are subject to terms, conditions, status and valuation. Current rates may change without notice.
Discover the most unbeatable rates I’ve encountered this past month:
- 5.44% for the Skipton Track record mortgage fixed for 5 years
- 6.24% for Accord Deposit fixed for 5 years
- 5.04% for Nationwide Helping Hand Fixed for 5 years
Get in touch
Did you know that as part of your benefits, you will receive free independent mortgage advice? Please contact Jonathan Birkett, our Equity Release and Mortgage Adviser for more information. You can discuss your requirements, be it a first time purchase or securing the best re-mortgage rates, via jonathan.birkett@pkgroup.co.uk or +44 (0)20 8334 9953
