In an attempt to make mortgage applications more accessible to first time buyers in our current economic climate, here at Eminence Mortgages, one of the services we offer are 0% deposit mortgages. We understand that as rental prices have increased, it is now proving increasingly difficult for individuals to save enough money to put down a deposit for their mortgage. Nonetheless, there are plenty of people who have a good track record of making payments and would be responsible enough to have a mortgage. So, how exactly do 0% deposit mortgages work, and could you be eligible for one?

A 0% deposit mortgage is also known as a 100% loan to value mortgage, as it does not require a deposit and the entire value of the property being purchased is lent. In short, it means that you borrow the entire property value from the lender and thus do not have to pay any money upfront. Usually, most lenders will require a minimum deposit of at least 5%, so these types of mortgages are exceptional.