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Hello and welcome to this months advice column where I want to explain some options which may help first time buyers finally get themselves on the property ladder without having to save up a 5% to 10% deposit to do so. At Mortgage Advice Bureau, we have access to over 90 lenders across the UK and there are now a handful of lenders available through ourselves that allow First Time Buyers to purchase a property with as little as 1% deposit. These mortgage products could help those looking to buy a house in the near future but struggling to get a large enough deposit over £5,000. A lot of first time buyers we speak to have some sort of savings put away but are having to save up for a long time, others are lucky enough to get a gift from family to help, so these products open up a chance for home ownership sooner than you may think. As always with any mortgage borrowing there is standard criteria, credit and affordability checks to be met, however here’s some key Information about these products: Accord : Here’s an example of a typical mortgage with this product: Another lender that has recently came to the market with a similar offering via ourselves is Newcastle Building Society, their criteria is as follows: Another innovative product on the market, which has been around for about 2 years, is the 100% mortgage by Skipton Building Society, called the Track Record Mortgage. These mortgages are designed to allow first time buyers who have a track record of paying rent and household bills to finance the entire purchase price of the property, eliminating the need for any deposit. Some key criteria for this one is: Again this could help people who have been stuck paying high rent and unable to save a deposit but have the ability to show they have met their rent payments and other commitments consistently over a period of time. It's important for potential borrowers to carefully consider the pros and cons of these mortgages before making a decision. You should think about your individual circumstances and how much you can afford and seek advice from mortgage experts so they can help you to make the right choice. Thank you for reading and see you all next month. *Don't miss the latest headlines from around Lanarkshire. Sign up to our newsletters here . And did you know Lanarkshire Live had its own app? Download yours for free here .
