Yes, it may be possible to get a mortgage without a traditional cash deposit. Some UK lenders offer 100% mortgages to eligible borrowers, although there are fewer options available than for buyers with a 5% or 10% deposit.
Can I Move House and Take My Existing Mortgage With Me?
Yes, many mortgages are portable, which means you may be able to take your existing mortgage deal with you when you move home. However, porting a mortgage isn’t automatic.
How Early Should I Start Looking for a New Mortgage Before My Current Deal Ends?
It’s usually worth starting to look at your remortgage options several months before your current mortgage deal ends. Many mortgage offers are valid for a number of months, so arranging your next mortgage early can give you time to compare deals
Can I Get a Mortgage if I’m Self-Employed With Only One Year’s Accounts?
Yes, it may be possible to get a mortgage if you’re self-employed with only one year’s accounts.
How Much Deposit Does a First-Time Buyer Need for a Mortgage in the UK?
Most first-time buyers will need a deposit of at least 5% of the property’s value, although the amount you need will depend on the mortgage lender, the property and your individual circumstances.
Can NHS Overtime and Bank Shifts Be Used for a Mortgage?
Yes, NHS overtime and income from bank shifts may be taken into account when you apply for a mortgage.
Is It Better to Use a Mortgage Broker or Go Directly to a Bank?
Using a mortgage broker can give you access to a wider range of mortgage options than approaching a single bank directly.
Budgeting beyond the deposit for first-time buyers
There’s no question that it can all seem very daunting for first-time buyers who want to purchase their first home. For those saving hard to get a deposit together, it is important to note that this is just one outlying cost of moving house.
What are the pros and cons of 100% mortgages?
A 100% mortgage is, very simply, a home loan which allows the buyer to purchase a property without putting down any money (or a deposit) up front.
Six key factors that can affect your first mortgage application
Applying for your first mortgage is an exciting milestone, but it can also feel overwhelming. Lenders assess numerous factors to determine your eligibility, and some seemingly minor financial decisions can significantly impact your application.