100% mortgage product launched for first time buyers
First time buyers can now access 100% mortgages if they can prove a track record in renting.
A lender has launched 100% mortgages for first time buyers who have a proven track record in renting and paying household bills. This is a fantastic product for first time buyers who can afford to pay a mortgage but have not been able to save for a deposit. Here is the brief criteria, give Mr Mortgages a call and one of our experienced advisers can discuss this with you
- Each applicant is a first time buyer
- Each applicant is aged 21 or over
- If you have a deposit, it must be less than 5% of the purchase price
- Each applicant has no missed payments on debts / credit commitments (e.g. mobile phone bill) in the last 6 months
- You are looking to borrow up to £600,000
- You're not looking to buy a new build flat
- You have proof of having paid rent for at least 12 months in a row, within the last 18 months
- You have 12 months experience paying all household bills within the last 18 months.