A 100% mortgage is when you borrow the entire value of the home you want to buy. Most mortgages require you to put down at least a 5% deposit. But a 100% mortgage means you don’t need to pay any money upfront to get a home.
Who can apply?
- You must be a 1st-time buyer and have been renting for at least 12 of the last 18 months
- You must be at least 21
- You must have paid your rent in full and on time for at least those 12 months
- You must be up to date on all household bills and cannot have missed ANY repayment commitments in the past 6 months – even Netflix!
- Worth noting that no guarantor backing required!
So, what’s the catch? You can borrow up to or the equivalent of, what you pay on rent each month.
For example – Your rent is £1000 per month. Your mortgage can’t be over £1000 per month either.
So based on £1000 rent, your borrowing amount would be £163,000.
Based on £1,500, your borrowing amount would be £244,000
Based on £2,000, your borrowing amount would be £325,000.
Remember, income requirements and other factors such as credit commitments, age and number of dependents could affect these figures.
Normal underwriting and credit scoring applies. Funds are limited so may be withdrawn at any time with minimal notice.
Want to find out if you are eligible for this scheme? Find out now.
Disclaimer – Information provided in this script and video above does not intend to constitute legal advice and is for general and information purposes only.
All figures stated were correct at the time the video was made. These figures are of course, subject to change