Have you heard about the great new mortgage offer helping first-time buyers get onto the property ladder without the need for a deposit?
Skipton Building Society recently announced a zero deposit mortgage, aimed at renters who are struggling to save for a deposit.
It’s the first time since the global financial crisis in 2008 that buyers in the UK have been able to benefit from a deposit-free mortgage.
So, if you’re currently renting a property and dream of one day owning your own home, this could be the mortgage deal for you.
Financial advisor Richard Hall is the owner of Mortgage Hall and has more than 30 years’ experience in the industry. He has helped hundreds of Beal buyers secure their perfect new home.
Richard said: “It’s been a long time since a lender offered a mortgage with a zero deposit requirement.
“There is no one size fits all when it comes to choosing the mortgage product that’s best for you. However, for those currently renting with a strong track record of making payments on time, but who have been unable to raise enough money for a deposit, Skipton Building Society’s offer is well worthy of consideration.
“Buying your own home and getting onto the property ladder is a sensible investment for anyone and it’s great to see a lender offer a new way to make that happen.”
The 100% mortgage offer has no fee and is currently a five-year fixed rate at 5.49 per cent.
There are a number of key criteria you must meet to be eligible for the mortgage. Each applicant must:
- Be a first-time buyer.
- Be aged 21 or over.
- Have been renting for 12 consecutive months out of the past 18 months.
- Have proof that they have paid rent on time and consistently for 12 months in a row.
- Have no missed debt repayments.
To be eligible, your new monthly mortgage payment must also be equal to, or lower than, your previous rental cost.
Jamie Barrington, our Sales Operations Manager, said: “At Beal Homes we’ve got a great selection of homes across our developments which are perfect for first-time buyers and we’re always pleased to see new mortgage offers that help people get on to the property ladder.
“We know it’s challenging for many people to save up enough money for the deposit required to secure their first home and we’re delighted Skipton has launched this innovative new mortgage product.”
We have a range of two and three-bedroom homes perfect for first-time buyers across several of our developments in Hull, East Yorkshire and Lincolnshire, including our newest development, King’s Fold – a collection of 150 luxury properties in the sought after area of Kingswood Parks in Hull.
Jamie added: “We’d encourage anyone looking to take their first step on the property ladder to get in touch with us to discover how we can make your dream of owning a brand new home a reality.”
- To find out more about our developments and house types, click here or call our sales hotline on 01482 977 776.