Get a First Time Buyer Mortgage with No Deposit
No Deposit Doesn’t Mean No Mortgage
Do You Qualify?
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Montgomery Financial has the expert team to find your first-time buyer no deposit mortgage. Don’t believe us? Read our reviews.
First-time Buyer Mortgages. Even Without Savings
Saving for your first home is hard. The more you save the more you seem to need. If you haven’t been able to put aside enough cash for a deposit, don’t panic. As whole-of-market brokers, Montgomery Financial has access to the best 100% mortgage deals on the market. We’re committed to finding no-fuss no deposit mortgages for first time buyers like you. Don’t give up on your dream just because you haven’t got a deposit. Talk to Montgomery Financial instead.
Why Use Us?
1. We’re first-time buyer specialists
We’ll act as your personal guide through every twist and turn of the mortgage maze. From your very first affordability check to picking up the keys, we’ll be with you on your journey to homeownership, every step of the way.
2. Access to the right lenders
With a 60 second affordability check, and access to more than 100 lenders, we uncover the best deals, from specialist lenders to high-street names. Offering first-time buyers like you the right options.
3. We make mortgages simple for you
We understand first-time buyers. We know the questions that keep you up at night, the forms that make your head spin, and when you just need a friendly expert holding your hand until your mortgage is in place.
Do You Qualify?
100% mortgages explained
When you buy a home, you usually pay a percentage of the asking price upfront as a deposit. For most mortgages you will need to find a deposit of at least 10% of the value of the property, and often more. You then need to secure a mortgage to pay the remaining value. You might hear the term Loan to Value (LTV), this describes your mortgage. For example, if you can pay a deposit of 20% of a property’s value, you will need an 80% LTV mortgage to cover the remainder.
As the name suggests, with a 100% mortgage you borrow the whole of the value of the property from the lender. That means you don’t need to find the money for a deposit. For first-time buyers this can be a life saver: letting you get onto the property ladder without having to wait until you have your deposit. With house prices rising all the time, acting quickly doesn’t just mean you’re in your first home sooner, it can also save you money.
We search 1000’s of products to find the best deal for you
Issues for first-time buyers
First-time buyers face a number of specific issues when it comes to buying a property. If you have never had a mortgage before it can be difficult to prove to mortgage lenders that you will be able to afford a mortgage in the future. First-time buyers tend to be younger than other house buyers, making it likely that you have a limited credit history.
Finally, rental costs make it almost impossible to save enough for a deposit on a new home, limiting the type of mortgage you may be eligible for. Luckily, we know how to overcome these difficulties to find you a first-time buyer mortgage, whatever the hurdles you face.
No deposit mortgages for renters
We know the problem. You need to save up for a deposit for your new home, but you also have to pay rent for your current home. You know that monthly mortgage payments could cost you less than your current rent, but you still need to convince lenders that you can afford a mortgage.
The good news is that some 100% mortgages are specifically designed with renters in mind. If you have a solid history of paying your rent in full and on time, Montgomery Financial could have access to the deal for you. Don’t let the rent you’ve paid go to waste. Find out how it could help you get a mortgage.
Help from your family
If you have a family member who’s willing to help you out, you may be eligible for a guarantor mortgage. You could borrow 100% of the value of your new home with the support of a loved one.
The ways these mortgages work vary, but essentially your family member guarantees the mortgage by promising to pick up the repayments if you can’t afford to. Security on this type of mortgage may be in the form of savings or your guarantor’s property, meaning lenders feel more confident giving the mortgage the go ahead.
Take the plunge with Montgomery Financial
Don’t miss out on your perfect property. It only takes a minute to find out if you could get a great zero deposit mortgage, even if you’re a first-time buyer. If you thought you couldn’t get on the property ladder, think again. Start your search today.