100% mortgages are making a comeback in the UK property market. After largely disappearing following the 2008 financial crisis, these no-deposit mortgages are once again available to certain borrowers, increasing the range of mortgage products to be considered. Here’s what you need to know about this lending option.
What are 100% mortgages?
A 100% mortgage allows you to borrow the full purchase price of a property without putting down a deposit. This means you do not have to find the usual deposit required by lenders which can range from 5-20% depending on the interest rate.
Why have they returned?
Housing affordability has made it increasingly difficult for first-time buyers to get on the property ladder. With house prices far outpacing wage growth in many parts of the UK, saving even a 5% deposit can take years. Some lenders have reintroduced 100% mortgages as a response to this, though with more stringent lending criteria than the pre-2008 products.
Current options in the market
Several lenders now offer 100% (or very close to!) mortgage products. Here are four providers that have taken varying approaches to helping buyers access no-deposit mortgages.
Skipton Building Society
The Track Record Mortgage from Skipton Building Society is a significant departure from most other 100% mortgages as it does not require a guarantor. This mortgage is for first-time buyers only, and targets renters who have evidence that they can afford monthly housing costs but have been unable to save for a deposit.
Key features include:
- No guarantor required: No need for family members to provide security
- Rental payment history: You must prove 12 months of consistent rental payments within the last 18 months, with no missed payments or arrears
- First-time buyers only: You cannot have owned a house in the last 3 years
- Fixed Rate for 5 years
- Maximum loan amounts: Capped at £600,000
- Age requirements: For borrowers aged 21 and over
- Affordability criteria: Strict income and expenditure assessments to ensure you can afford payments
Accord Mortgages (Yorkshire Building Society)
Accord Mortgages, part of the Yorkshire Building Society Group, offers a different approach with their £5k Deposit Mortgage designed for first-time buyers.
- Minimum £5,000 deposit – Maximum Loan to Value 99%
- Exclusive to first-time buyers only
- Not available on new build properties: mortgage is only for existing houses and flats
- Maximum loan amount £495,000 – Maximum purchase price £500,000
- Fixed rate for 5 years
Accord’s approach benefits first-time buyers who have managed to save a small sum to buy their first home faster. So although this is not strictly 100%, the sum is much smaller and more achievable.
Santander
Santander, one of the UK’s major high street banks, offers a 98% mortgage with My First Mortgage. Data from the lender shows that more than half of UK adults said they found saving money for a deposit to be the biggest barrier to buying a property, so this product is designed as a step towards helping more would-be buyers onto the property ladder.
- A 98%, 5 year fixed rate mortgage
- For first-time buyers only
- Minimum £10,000 deposit
- Maximum lending £500,000
- Lending above 95% and up to 98% is available on existing houses only: Customers looking to purchase a new build property or flat are able to continue to access borrowing up to a maximum 95% loan to value
- £250 cashback
Barclays
Barclays, a well-known high street bank, has another 100% offering in the Family Springboard Mortgage. This product allows family and friends to help with the deposit, with your helper providing 10% as security for 5 years. Your helper simply deposits their 10% contribution into a Helpful Start account for the 5-year mortgage period, then at the end of that time their contribution plus interest is returned to them.
- 5 year fixed rate mortgage
- For both first-time buyers and home movers
- 10% helper deposit
- Not available for new build properties
Comparing the products and advantages
For prospective buyers, the appeal of becoming a homeowner without spending years saving for a deposit, is clear. Getting on the property ladder sooner and benefiting from any property price appreciation is an added advantage and for renters paying high monthly rents, mortgage payments might even be comparable or lower than their existing outgoings.
When comparing the products, the key factors to consider are:
- Are you a first-time buyer?
- Do you have a “helper” for a small deposit, or have you managed to save a smaller deposit amount?
- Are you buying a new build property or existing house?
- Do you have 12 months of rental history with no arrears or missed payments?
Your answers to these questions will guide which product is best suited for you, and can be discussed with your mortgage adviser.
The options of either guarantor-based or track-record-based products means more buyers can find a suitable route to homeownership, whether they have family support available or not.
Alternatives to consider
There are other options that can be explored before committing to a 100% mortgage. Government schemes like shared ownership or First Homes can reduce the amount you need to borrow.
Getting expert advice
Professional guidance is essential. Our mortgage advisers can help you navigate the various products, understand which you’re eligible for, and ensure you’re making the right decision for your circumstances.
We will:
- Assess your full financial situation and affordability
- Explain all available options
- Help you gather the necessary documentation
- Guide you through the application process
- Provide ongoing support through your application journey
You can book an appointment to speak with an adviser buy using our appointment form.
Your home or property may be repossessed if you do not keep up repayments on your mortgage
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