100% Mortgages Return: No Deposit Needed

Guess who's back? The 100% mortgage!

April Mortgages has launched a groundbreaking product, the No Deposit Mortgage, marking a significant return since the global financial crisis. Perfect for first-time buyers and house movers, this mortgage requires no deposit and is available on 10- and 15-year fixed terms.

With a minimum household income of £24,000, this mortgage is a lifeline for tenants struggling to save while renting. Interest rates start at 5.99%, with automatic rate reductions as the loan-to-value ratio decreases. Plus, there are no early repayment charges for those who move or repay the loan from personal funds, and unlimited overpayments are allowed.

James Pagan, director of product at April Mortgages, emphasises the need for products that reflect today's housing realities without loosening standards. Meanwhile, Rachael Hunnisett highlights the challenges of wage growth versus rising house prices, committing to making mortgages more flexible and suited to modern living.

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The return of 100% mortgages has been warmly welcomed. Kate Fuller from Mortgage Advice Bureau notes the positivity in the property market, while David Hollingworth from L&C Mortgages sees renewed hope for tenants struggling to raise a deposit.

April Mortgages is also pushing boundaries with enhanced loan-to-income criteria, offering loans up to seven times a borrower's income for those earning £50,000 or more, with up to 85% loan-to-value. This bold move is set to shake up the market, making homeownership more accessible than ever. So, if you're dreaming of owning a home, this might just be your golden opportunity!

Want to hear more? Join Mal & Matt on the Property AI Report Podcast each week!

Access from your preferred podcast provider by clicking here

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