No deposit for mortgage? Yes, it's possible!

Are you wondering if it's possible to buy a house without a deposit?  The good news is that it can be done in the UK! Here are a few situations where you might not need a physical deposit:

Buying from the Council or Housing Association: If you purchase a home from your local council or a housing association, any discount you receive can count as your deposit.

Gifts from Landlords or Sellers: If your landlord or the seller gifts you equity (offers you for a discounted value) in the property, this can be treated as a deposit. This is known as a concessionary purchase.

No Deposit Mortgages: There is a lender that allows you to buy a house with no deposit if you can prove you've paid rent and bills for 12 consecutive months. (other criteria apply)

Using Sale Proceeds: If you’re selling a property to buy another, the money from your sale can be used as your deposit.

No matter your situation, it's a great idea to talk to an adviser to explore your options!

GRN Financial Services Limited is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Important Changes to Stamp Duty Tax for Your 2025 Home Purchase🧐

If you’re buying your first home or moving in 2025, be aware of upcoming changes to Stamp Duty Land Tax (SDLT)

What is Stamp Duty?

Stamp Duty Land Tax (SDLT), is a government tax that buyers must pay when purchasing property or land above certain price brackets. The amount you owe depends on various factors, including your residency status and whether you are a first-time buyer.

How is Stamp Duty Changing?

From April 1, 2025:

• The threshold for not paying any stamp duty will decrease from £250,000 to £125,000. This means that buyers will have to start paying tax on homes priced above £125,000. This is for those who used to own in the past or who are selling their current home and buying a new one.

• For first-time buyers, the threshold will drop from £425,000 to £300,000. This means that if a first-time buyer buys a home costing more than £300,000, they will need to pay £6,250 in stamp duty.

• The maximum price for first-time buyers to claim a reduced rate will decrease from £625,000 to £500,000.

Impact on First-Time Buyers

Many first-time buyers will now face stamp duty costs where they wouldn’t have previously, affecting their finances and affordability.

Calculate Your Costs with Our Stamp Duty Calculator 2025

To calculate your costs, you may use https://shorturl.at/leMGw

Take Action Now

If you’re planning to buy or move in 2025, it’s time to explore your mortgage options and budget accordingly. Reach out to us for personalised mortgage advice—we're here to help you navigate the process and achieve your home buying goals.

Contact us today for assistance on your home buying journey!

*This is not tax advice. To obtain one, please contact HMRC.

GRN Financial Services Limited is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Shared Ownership Programmes: A Pathway to Homeownership

As property prices rise, shared ownership scheme offers a solution for those unable to buy a home outright. The programme enables buyers to purchase a portion of a property, typically between 10% and 75%, and pay rent on the remaining share. Over time, they can buy additional shares, eventually owning the home fully.

How It Works?

• Aimed at first-time buyers or those with a household income below £80,000 (£90,000 in London).

• Buyers secure a mortgage for their share and pay a smaller deposit calculated on the price of the share bought.

• Reduced rent is paid on the unsold share, lowering monthly costs.

•  Buyers can purchase more shares as their finances improve in future. This is called Staircasing.

Benefits

• Lower Costs: Smaller deposit and mortgage reduce the initial financial burden.

• Path to Full Ownership: Provides a structured way to own a home outright.

• Security: More stability compared to private renting.

• Flexibility: Buyers can increase their ownership stake over time.

Considerations

• Charges: Buyers may need to pay 100% of service charges and ground rent.

• Valuation Costs: Staircasing and resale involve valuation fees.

• Restrictions: Criteria for buying more shares or selling can limit flexibility.

Shared ownership programmes can help turn the dream of homeownership into reality by making it more accessible and affordable.

If you would like to ask us about a Shared Onwership Mortgage - give us a call or email us.

GRN Financial Services Limited is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE