Buying a home is a dream for many people, and it can be a daunting task if you don't have a large deposit saved up. Fortunately, there are a number of ways that you could get on the property ladder with a low or even no deposit.
With a 95% or 90% mortgage, you need to provide the remaining 5 or 10% deposit. This could mean that you only need to save up a small amount of money to get onto the property ladder.
There are a range of low deposit mortgages available to both first-time buyers and home movers, and your Independent Financial advisor can advise you on the best deals available to you.
First-time buyers could even buy a home with a 100% mortgage and zero deposit. The mortgage requires borrowers to provide evidence that they have made on-time rental payments for at least 12 months and meet the lender's eligibility criteria.
This option could help renters who have struggled to save for a deposit while paying rent. Traditionally, borrowers have been required to have a deposit of at least 5% to 10% to qualify for a mortgage. However, some lenders now offer products that may allow eligible borrowers to buy without a deposit.
The Skipton Building Society Track Record Mortgage is available to eligible first-time buyers purchasing a home up to £600,000. Applicants will need to meet affordability, credit and lending criteria. Your Sales Executive can put you in touch with an Independent Financial Advisor who can discuss the options available to you.
If the size of your deposit is holding you back from buying the home you want, then talk to us about Deposit Top-Up. With Deposit Top-Up, we’ll contribute up to another 5% towards your new home in addition to your 10% deposit. This means you'll have a maximum total deposit of 15%.
Did you know that some lenders are offering a 95% mortgage? This means you could buy a new home with a 5% deposit.*
Less time saving and you could secure your dream home sooner than you thought. Speak to our expert sales team who can connect you with Independent Mortgage Advisors who can help you find the best possible options.
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Independent Mortgage Advisors
Applying for a mortgage is likely to be the biggest financial decision you will ever make. Seeking advice is a sensible approach to help ensure that you find the best product.
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First time buyer guide
Thinking of buying your first home? Take a look at our buyer guide.
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Applying for a mortgage
Applying for a mortgage can seem daunting. Read our guide to learn more.
*A 100% mortgage and/or a 95% mortgage is subject to the lender’s criteria, with the latter requiring a minimum 5% deposit. The relevant mortgage may not be accepted by some lenders or may lead to refusal to provide a mortgage based on your circumstances. Your home may be repossessed if you do not keep up repayments on your mortgage. Taylor Wimpey is not authorised by the Financial Conduct Authority and cannot provide any financial or mortgage advice. Any advice in this respect should be obtained from a mortgage advisor or lender. Our usual reservations and sales terms and conditions apply. Please speak to one of our Sales Executives for more details.
