100% mortgages are back!

Exciting news for first-time Wirral homebuyers as 100% mortgages are back!

This week Skipton Building Society have announced a new mortgage product that allows Wirral renters to borrow up to 100% of the value of a property without the requirement of a guarantor or deposit.

This means that there is no upfront costs for buyers, which normally can be a huge barrier for many buyers looking to get onto the property ladder.

The mortgage product has a fixed rate of 5.49% for five years, with a maximum term of 35 years.

This is the first time a mortgage lender has offered a 100% mortgage product since the financial crisis of 2008.

For the Wirral property market this could be a game changer for those who have been struggling to save due to increased rental costs. Skipton Building Society have described the move as “a lifeline to tenants … to help them break out of their trapped rental cycles and onto the property ladder for the first time.”

The details:

– A 100% mortgage helps those struggling to raise enough cash for a deposit to get on the property ladder.

– These allow buyers to purchase a home without paying a deposit – but they can come with extra fees.

– This differs from most standard mortgages which require the borrower to put down at least a 5% deposit. 

– Previously borrowers could only choose from a handful of niche 100% loan-to-value guarantor or family deposit mortgages – where another person agrees to guarantee your mortgage repayments if you can’t repay what you owe, or deposits a set amount of cash in a designated savings account to cover some of the home’s value.

– For a 100% deposit it’s understood borrowers will need to demonstrate a history of paying rent comparable to mortgage repayments for up to two years.

For mortgage advice or more information visit Mortgages | Finding You The Best Deals | Liam Gretton