100% mortgages are back!
As a renter, are you struggling to save a deposit?
A deposit-free 100% mortgage specifically aimed at people currently privately renting has been launched by a UK building society.
The deal requires official proof of 12 months of on-time private rental payments and a good credit history, it does not need a guarantor.
The interest rate is slightly more expensive, at 5.49% than the average five-year fix of 5%, but a great way of getting on the property ladder.
Rapidly rising rents have made saving for a deposit increasingly difficult, at the same time that the government’s flagship Help to Buy scheme, aimed at helping first-time buyers, is no longer available.
People trapped in renting is one of the UK’s biggest housing challenges. With escalating rents and the cost-of-living squeeze further impacting people’s ability to save for a house deposit – it’s making it almost impossible for people get onto the property ladder.
Luckily, there are now options available to help private renters get on the property ladder.
To speak to a mortgage broker and to find out more details, complete the form or call 0800 197 0504.
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The monthly mortgage payment for each applicant should not be more than the average of your last six months rental costs that you have paid.
For example, a tenant paying an average of £1,000 per month over the last six months will have a maximum monthly mortgage payment of £1,000 for affordability.
Speak to a mortgage broker now
There is so much jargon when it comes to mortgages.
Our mortgage advisors are experienced in all types of mortgages and can explain everything to you in a simple and easy to understand manner. We will also do the mortgage application for you! For a free no obligation phone call to discuss your situation, call 0800 197 0504