0% Deposit Mortgages
Helping first time buyers
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.
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are you eligible for a 0% deposit mortgage?
0% deposit mortgages are aimed at people who are struggling to save up a great enough deposit to buy a home. To be eligible for a 0% deposit, you will need to have a good credit score, low levels of debt and a steady income. You need to show evidence that you are in a position to afford your monthly repayments.
To find out if you are eligible for a 0% deposit mortgage, then do get in touch with us today, and a member of our team would be happy to help you.