£5k Deposit Mortgage for First Time Buyers
The £5k Deposit Mortgage for First Time Buyers
Key information
Exclusive to first time buyers (New builds excluded)
Loan size
£95,001 - £495,000
Purchase price
£100,001 - £500,000
Max term 40 years. Max age at end of term 70
How to get started
What you need to know
Client eligibility is as follows:
- 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
- Both applicants must have indefinite right to reside in the UK.
The product is only available on pre-existing houses and flats. New build properties and properties in Northern Ireland are not eligible.
Yes, please see below:
- Maximum LTV – 99%
- Minimum Deposit - £5000
- Minimum purchase price - £100,001
- Maximum purchase price - £500,000
- Minimum Loan - £95,001
- Maximum Loan - £495,000
- Maximum Term – 40 years
- Maximum LTI is 4.49x.
Yes, however, for joint applications, at least one applicant must be a first time buyer, and there can be no background properties on the application.
No – JBSP applications are not acceptable.
No – offset is unavailable.
Yes, however no additional lending will be allowed until there is a reduction in LTV to under 95% LTV.
No – specific products only.
Yes providing they are from a family member.
Yes, providing the loan restrictions are met and from a family member or an existing private landlord. Please note the £5k deposit requirement is not satisfied by a gift of equity, this must be either from the clients own sources or a cash gift from family.
No, the product is specifically on a 5 year fixed rate.
Yes, there is a 10% overpayment allowance per annum.
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