Yorkshire Building Society (who also own the broker only lender ‘Accord Mortgages’) launch £5k (1%) deposit mortgages for First Time Buyers – Here’s everything you need to know …
To be eligible for this mortgage you must satisfy all of the following lender requirements:-
- The product is specifically on a 5 year fixed rate only of 5.99%
- Maximum Loan to Income Calculation is 4.49x your income
- At least one applicant must be a first time buyer (defined as never having owned a property in the past) and no background properties on the application.
- The maximum age allowable at the end of the term is 70
- Any applicant must have indefinite right to reside in the UK
- The product is only available on pre-existing houses. New build properties are not eligible, flats are not eligible and properties in Northern Ireland are not eligible.
- Maximum Loan to Value is 99% (Meaning you will need to add a deposit of at least 1%)
- Minimum Deposit required is £5000
- Minimum purchase price is £100,001, Maximum purchase price is £500,000
- Minimum Loan is £95,001, Maximum Loan is £495,000
- Maximum Term is 40 years
- Gifted deposits from an immediate family are acceptable
- Borrowers must pass strict affordability and credit scoring checks.
Please request a FREE copy of your credit file and score via this exact link https://www.checkmyfile.partners/2RZJ9ZJ/2CTPL/ (this is the one all lenders and mortgage brokers use). Then get in touch with a copy of your report and I will check to see if you are eligible, calculate how much you can borrow and what your monthly repayments will be beth@bemortgages.co.uk