The Dream of Homeownership is Within Reach: 100% Mortgages Now Available!

It’s an exciting time for first time buyers in England! Mortgage advisors have recently announced that certain lenders are offering a 100% mortgage to those looking to purchase their first home. With a 100% mortgage, first time buyers are able to purchase a property without having to find the money for a large deposit. This means that they can start building up equity in the property from day one, and the more they pay off their mortgage the more their equity will increase.  

As a first-time buyer, it can be a daunting experience to try and get onto the property ladder, and in this economic climate, a deposit can be near on impossible to save, therefore preventing people from achieving the dream of homeownership. So this clearly fantastic news for people, and could be a real game changer for those who have been struggling to save up a deposit during this uncertain time of rising inflation and energy costs.  

The main requirement is that applicants must prove a successful track record of paying their rent on time and regularly for at least 12 months. This could open the door to homeownership for many people who were previously unable to afford a deposit. Not only does this offer a great opportunity for first time buyers, but it could also help to stimulate the housing market and increase activity. In short, a 100% mortgage is a brilliant option for those who are looking to buy a home but don’t have enough saved up for a deposit. It is also a good way for first time buyers to get onto the property ladder and start building their wealth.  

We hope to see many more lenders following suit in the near future.  

Here at Pattinson Estate Agency, we have property experts and mortgage advisors who can offer you incredible advice and find the best mortgage for you, so feel free to get in touch.