Low Deposit

Talk to us about low deposit mortgages

 

Many lenders require a deposit of 10% or more, which can make the dream of home ownership feel out of reach. Often borrowers can afford the cost of monthly mortgage repayments, but are unable to save a 10% deposit.

In light of this, the government supported a number of schemes to help borrowers with 5% deposits purchase a home. They recognised that increasing the availability of 95% loan-to-value mortgages not only helps first time buyers take their first step on the property ladder, but also supports existing homeowners who wish to move, thereby freeing up an additional supply of starter homes.

Although the government’s Help to Buy scheme has now finished in England (it is still available in Wales), the government backed Mortgage Guarantee and First Homes schemes remain active, and lenders have increased their low deposit offerings in response to the government’s lead. There are now even some mortgage products that require less than a 5% deposit.

If you are looking to purchase a property with a low deposit then book a free consultation with us to discuss the full range of options available to you, including some that utilise family assistance.

 

  • ''I wasn't sure if I was suitable for a mortgage, but I cannot recommend Kelly and the team any more highly. Any person needing a mortgage can rest assured they will do nothing but the very best for you.''

    — Kyle W

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    — Jess B

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  • ''I am a first time buyer and Tom has been extremely helpful, no question too silly, very professional and easily contactable. Tom has made the process a lot less daunting and found me the best deal.''

    — Zofia

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    -- Steve B

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