YES, IT IS POSSIBLE. TODAY A NEW PRODUCT HAS BEEN INTRODUCED FOR A 100% MORTGAGE FOR FIRST TIME BUYERS
This, however, is not a product for everyone…
Main criteria:
each applicant must be a first time buyer
each applicant must be 21 years old or older
the same people who are and have been renting in the last 12 months must go on the mortgage application
applicants must have proof of paying rent for at least 12 months out of the last 18 months
applicants must also have been paying the household bills in the 12 months out of the last 18 months
each applicant must have good credit history with no missed payments/direct debit commitments in the last 6 months
the monthly cost of mortgage must be equal or less than average of the last 6 months rental cost
deposit must be less than 5% - can be £0!
maximum loan size must be £600000
not available on new build flats
applicants must pass lender's affordability test and credit score check
This product may be a great help for many first time buyers but any buyers who want to check if they qualify, should first speak to a mortgage adviser before making offers on properties Buying a house requires planning ahead and strategy and a good mortgage adviser will help you prepare for this step Contact us if you are planning to buy your first home.
