Deposit Free Mortgage Launched
Great news for first time buyers in rented accommodation, you can now get a zero deposit mortgage without relying in guarantors or bank of mum and dad.
A deposit-free mortgage specifically aimed at people currently renting has been launched by a UK building society.
Whilst there are a handful of other no-deposit products are available, they all need backing of family and friends
All that's required is a minimum of 12 months of on-time rental payments and a good credit history.
A guarantor is not required.
Am I eligible for a zero deposit mortgage?
Below is the key criteria
- All applicants must be a first time buyer
- Applicants must be aged 21 or over
- You must be renting now and have been renting for the past twelve months
- Must have proof of paying rent for at least 12 months in a row over the past 18 months
- Must have been paying all household bills for 12 months in a row over the last 18 months
- All applicants will have no missed payments on debts/credit commitments in the last 6 months
- The monthly mortgage payment must be equal to or lower than the average of the last 6 months rental cost
- The deposit must be less than 5%
- Maximum loan of £600,000
- Not available on New Build Flats
If you would like to know more about zero deposit mortgages and how they may work for you, please contact us via linked mortgage contact form