5K Deposit Mortgage for First Time Buyers
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Author: Elliott Culley - Director & Mortgage Adviser of Switch Mortgage Finance
5k deposit mortgage for first time buyers
A £5k deposit for first time buyers has come to market and is available from Accord mortgages. This is an innovative product which gives first time buyers a good opportunity to get onto the housing ladder for earlier than before.Am I eligible for a £5k deposit mortgage?
To be eligible for a £5k deposit mortgage you must be a first time buyer, with indefinite right to reside in the UK. You must meet an enhanced credit score check. For this reason you will want to ensure your credit score is as good as can be.What is the maximum purchase price I can buy for?
The maximum purchase price is £500,000 as you must provide a minimum 1% deposit. The minimum purchase price is £100,001.What is the maximum term I can have on a £5k deposit mortgage?
The maximum term for this type of mortgage is 40 years, however the mortgage must end at your 70th birthday. Therefore if you were currently 35 the maximum term would be 35 years.Can my deposit for a £5k mortgage be gifted from a family member?
Yes the deposit can be gifted by an immediate family member.Can I buy a flat or a new build property?
No, this product is only available for pre-existing houses.Speak to an Expert!
Contact us today for expert advice and guidance on your unique mortgage and property needs. We will work with you on a one-on-one to basis to help you find the right solution for your needs.
With our experience you can rest assured that you are in good hands when it comes to securing the financing you need for your property.
What is the interest rate for a £5k deposit mortgage and will it change?
Currently the rate offered by Accord Mortgages is 5.99% with a free valuation and no product fee. The rate may change in the future as the market in the UK changes.
Will other mortgage lenders bring out a similar product?
It is possible other lenders may bring out a similar product. Skipton Building Society do offer a 0% deposit mortgage option which could be an option for you depending on if your current rent.
Do I Have to Pay Stamp Duty?
Stamp duty may be applicable depending on the purchase price of your property. However as a first time buyer you do currently have access to a higher threshold.
Can I get a 5k deposit with bad credit?
Unfortunately if you have bad credit it is unlikely you will be able to qualify for this prodcut currently as you have to pass an enhanced credit score check.
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