Blog written: 17/07/2024
There are some exciting mortgage products available today that could help you get onto the property ladder. This blog summarises 2 of the products available, who is eligible for them and some key facts on criteria.
Low Deposit Mortgages. The £5,000 deposit mortgage
This is an individual lender exclusive allowing you to put down a deposit of either £5,000 or 1% of the asking price whichever is the higher figure. At least one applicant needs to be a first time buyer defined as having NEVER owned a property in the past.
New build houses are not eligible for this scheme and neither are any age of flat. This scheme is not available in Northern Ireland.
An immediate family member can ‘gift’ the deposit to you.
This scheme is only available when taking a 5 year fixed rate.
This mortgage is subject to status and will require you to pass the lender’s required credit score and affordability assessment. A high credit score will be required.
There are other criteria points that we would need to check with you to ensure you are eligible for the product. We offer everyone a 30 minute advice consultation at no cost, so for more information, please contact us on 01455 63 61 63.
The Track Record Mortgage
This is another individual lender exclusive allowing you to put down no deposit at all. This scheme is only available to those that have not owned a property for over 3 years and have been renting for a minimum of 12 months in the last 18 months, without missing a rental payment. Hence the name – Track Record Mortgage. The lender will ask for proof that you have paid ALL rent due on time.
New build houses & flats are not eligible for this scheme. This scheme is not available in Northern Ireland.
You can put down a deposit if you have one, but this product only allows you to put down 5% maximum. If you want to put down more than this, this scheme is not for you.
The monthly mortgage payment must be equal to or lower than your average rental costs in the last 6 months.
This scheme is only available when taking a 5 year fixed rate.
This mortgage is subject to status and will require you to pass the lender’s required credit score and affordability assessment. A high credit score will be required.
There are other criteria points that we would need to check to ensure you are eligible for the product. We offer everyone a 30 minute advice consultation at no cost, so for more information, please contact us on 01455 63 61 63. https://onerooffinancial.co.uk/contact/
Your home may be repossessed if you do not keep up payments on your mortgage.
The information contained within this blog was correct at the time of publication (17/07/2024), and is subject to change.
