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

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