The journey of stepping onto the property ladder can be an arduous one, particularly for first-time buyers who are currently renting. Saving for a deposit while keeping up with rent, bills, and other expenses often feels like a never-ending struggle, leaving many feeling trapped in the rent cycle.
At Hamptons, we understand the challenges you face and are committed to helping you overcome them. That's why we are excited to introduce a new product: No Deposit Mortgages for First-Time Buyers, facilitated by our financial services sister company Capital Private Finance.
If you are considering purchasing a property in the near future, no deposit mortgages are now available. Saving for a deposit on your first home whilst paying rent can be tough. Fortunately, we work in partnership with Capital Private Finance who have access to a 100% loan-to-value mortgage, which could get you on to the property ladder without the deposit.
Who can apply for this mortgage?
You might be eligible for this mortgage if:
- Each applicant is a first-time buyer
- Each applicant is aged 21 or over
- You have less than a 5% deposit
- Each applicant has no missed payments on debts / credit commitments (e.g. mobile phone bill) over the last 6 months
- You want to borrow up to £600,000
- You meet the household-to-household criteria
- You're not looking to buy a new build flat
- You have proof of having paid at least 12 months' rent in a row, during the last 18 months
- You must also have experience of paying all household bills (e.g utility bills, council tax etc.) for at least 12 months in a row, during the last 18 months.
Not eligible? We're still here to help
There are a range of government-backed schemes across both savings and mortgages which are designed to help people onto the property ladder, read more about it in our blog article: There’s a first time for everything.
ALL MORTGAGES ARE SUBJECT TO STATUS AND LENDER CRITERIA. MORTGAGE PRODUCTS CAN BE WITHDRAWN AT ANY TIME.
A FEE WILL BE PAYABLE FOR ARRANGING YOUR MORTGAGE. YOUR CONSULTANT WILL CONFIRM THE AMOUNT BEFORE YOU CHOOSE TO PROCEED.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU RE-MORTGAGE.
Mortgages available through Capital Private Finance. Capital Private Finance is an Appointed Representative of Mortgage Intelligence which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only. Registered Office: Greenwood House, 1st Floor, 91-99 New London Road, Chelmsford, Essex, CM2 0PP. Registered in England & Wales under number 07552028.