Renting in Sleaford, North Hykeham or near RAF Cranwell and stuck saving for a deposit? Yes, you can still buy in 2026. A handful of lenders offer 100% (no deposit) mortgages built around your rent record, but each has strict rules, and a 100% loan is not always the cheapest way in. Here is how the numbers really stack up against local prices.
If you rent a one-bed flat in Sleaford for around £850 a month, putting £7,500 aside for a 5% deposit on a £150,000 terraced home can feel a long way off while rent keeps climbing. The good news is that the deposit is no longer an absolute barrier. The honest news is that a no-deposit route asks more of you and usually costs more each month. We are a family-run advice firm on Carre Street in Sleaford. Nick and Kasia Spolton both spent over a decade as bank managers before starting the firm in 2017, so the aim here is plain English and grounded in what is actually possible around Lincolnshire.
Can a first-time buyer really get a mortgage with no deposit in 2026?
Yes, but only through a small group of lenders, each with tight criteria. The picture as of July 2026 is that 100% loan-to-value deals have made a genuine comeback, alongside very low-deposit options that need only a token £5,000. To set the scene: the Bank of England base rate is 3.75%, the average standard variable rate sits around 7.13%, and the sharpest fixed rates in the wider market start from about 4.3%. No-deposit products price above that floor, which is the trade-off for skipping years of saving.
| Route | Deposit needed | Illustrative rate | Key point |
|---|---|---|---|
| Skipton Track Record | None (100% LTV) | From ~5.09% (5-yr fix) | Built on a 12-month rent record; up to £600,000; no family backing needed. |
| April Mortgages (No Deposit) | None (100% LTV) | ~5.99% (10-yr) / ~6.43% (15-yr) | Income from £24,000; clean credit; long-term fixes. |
| Yorkshire BS £5,000 Deposit | £5,000 flat (up to 99% LTV) | ~6.44% (5-yr fix) | Property value up to £500,000. |
| Typical 95% mortgage | 5% (e.g. £7,500) | From ~4.3% | Far wider choice and lower rates. |
Illustrative rates only, as of July 2026 and subject to change. Your rate depends on the lender, term and your circumstances.
How does a 100% mortgage actually work?
A 100% mortgage lends the full purchase price, so there is no deposit buffer if house prices fall. Because the lender carries more risk, it asks more of you: stricter affordability checks, higher headline rates than 90% or 95% deals, a clean credit profile (usually no missed payments in the last six months) and firm rules on property type, as many 100% products will not accept new-build flats. You skip the years of saving, but you pay a little more each month and take on more risk if prices dip in the early years.
What is the Skipton Track Record mortgage?
The Skipton Track Record is the headline 100% product because, unlike most no-deposit deals, it does not need a parent to put up savings or their home as security. It is built around your rental history instead. To be eligible in 2026 you must be a first-time buyer (or have not owned a property in the last three years), be aged 21 or over, have paid rent for 12 months in a row within the last 18 months, show proof of paying household bills across that period, and have no missed payments on credit in the last six months. The maximum property value is £600,000, Northern Ireland and the Isle of Man are excluded, new-build flats are not accepted, and it cannot be combined with Joint Borrower Sole Proprietor or Shared Ownership. The rate is fixed for the first five years, and Skipton also offers a Delayed Start feature that lets you pause the first one to three payments, although interest still accrues from day one.
What other no-deposit and low-deposit options are there?
Skipton is not the only route. April Mortgages offers a 100% deal for applicants with income from £24,000 and a clean credit history, on long fixes of 10 years (around 5.99%) or 15 years (around 6.43%), available through advisers rather than direct. Yorkshire Building Society takes a different tack with a £5,000 Deposit Mortgage: a flat £5,000 rather than a percentage, giving up to 99% loan-to-value on properties worth up to £500,000, recently priced around 6.44% on a five-year fix. On a £150,000 Sleaford terrace, that flat £5,000 works out at roughly a 3% deposit, which can be easier to reach than a full 5%.
What does skipping the deposit really cost?
Going 100% instead of saving a 5% deposit is not free. For illustration, on a £150,000 loan over 30 years:
| Option | Rate | Monthly | Total paid over 30 yrs (incl. deposit) |
|---|---|---|---|
| 100% LTV | 5.09% | ~£814 | ~£293,000 |
| 95% LTV (5% deposit, ~£7,500) | 4.30% | ~£705 | ~£261,000 |
In this illustration the no-deposit route costs roughly £30,000 more over the life of the mortgage, and about £109 more a month. There is also negative-equity risk: if Sleaford prices dip, a 100% buyer could owe more than the home is worth, which makes selling or remortgaging harder until values recover. None of this rules out a no-deposit mortgage. It simply means going in with eyes open. You can test your own figures with our mortgage repayment calculator.
Who suits a no-deposit mortgage, and who should be cautious?
A 100% mortgage tends to suit reliable renters with a steady income and clean credit who are paying more in rent than a mortgage would cost, and who have no realistic way to save a deposit quickly. It works best if you plan to stay put for several years, so short-term price wobbles matter less. Be more cautious if your job or income is unsettled, if your credit has recent blips, if you might need to move or sell soon, or if a modest family gift could get you to a 5% deposit and a cheaper rate. If the choice is between waiting five more years in rising rents and buying now on a solid track record, the no-deposit route can be the sensible call. It is a case-by-case decision, which is exactly what a free chat with the team is for.
What if you are based near RAF Cranwell, Waddington or Coningsby?
Service life can complicate a no-deposit application: posting cycles can break a 12-month rent record, and some lenders accept Service Family Accommodation charges as part of that record while others will not. Forces Help to Buy is often the stronger route. It is an interest-free advance of up to 50% of your salary, capped at £25,000, repaid over up to 10 years, and available to Regular service personnel. Used as a deposit it can unlock a cheaper 90% or 95% deal that beats a true 100% loan over time. We are an Armed Forces Covenant signatory with forces experience in the team and a discounted advice fee for service personnel and Blue Light Card holders. See our Armed Forces Help to Buy advice and try the Forces Help to Buy calculator.
Could a small deposit or family help work better?
Often, yes. Even a £7,500 deposit on a £150,000 home opens up a much wider product range and a lower rate, so a modest family gift can quickly tip the maths in favour of 95%. A gifted deposit from a close relative becomes part of your deposit on day one. A Joint Borrower Sole Proprietor arrangement lets a parent’s income support the application while only your name goes on the deeds. Shared ownership lets you buy a 25% to 75% share and pay subsidised rent on the rest. The First Homes scheme (England only) offers a 30% to 50% discount on selected new builds for eligible local first-time buyers earning under £80,000, with a price cap of £250,000 after the discount. Our low-deposit mortgage advice and first-time buyer pages walk through the wider set.
How much could you borrow on a Sleaford income?
Most lenders work to roughly 4.5 times income, so a single applicant earning £32,000 might borrow around £144,000, and a couple on £55,000 combined might reach around £247,000, subject to affordability, credit and outgoings. Against a Sleaford terrace of about £150,000, or the town average of roughly £233,000, that puts a first home genuinely within reach for many local renters. These are illustrations only and not a commitment to lend. The quickest way to see your own figure is our mortgage affordability calculator.
Common questions
Do I need a perfect credit score for a no-deposit mortgage?
You do not need a flawless record, but 100% lenders expect a clean recent history, typically no missed payments on credit in the last six months. If you have older blips, a low-deposit deal or a small family gift is often the more realistic path.
Can I use a no-deposit mortgage on a new-build home in Lincoln or Grantham?
Sometimes. Many 100% products accept new-build houses but exclude new-build flats, and some schemes have their own property rules. It is worth checking the specific development before you fall for it, which is something we do routinely for buyers across Sleaford, Lincoln and Grantham.
Is a 100% mortgage the same as the old pre-2008 deals?
No. Today’s no-deposit products come with far tougher affordability testing, five-year or longer fixes for payment certainty, and clear caps on how much you can borrow. They are designed to be sustainable rather than a return to easy lending.
Talk to former bank managers in Sleaford
If you would like to find out which no-deposit or low-deposit routes you might qualify for, call 01529 300500, email info@spolton.mortgage or pop into our office at 6 Mill House, Carre Street, Sleaford NG34 7TW. The first consultation is free with no obligation, and our fees are set out plainly on our fees page. Book a consultation whenever you are ready.
This article is for information only and does not constitute mortgage, financial or tax advice. All rates and lender criteria are illustrative, correct as of July 2026 and subject to change. Spolton Mortgages is a trading style of Spolton Ltd, an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. Spolton Ltd FCA Number 993383.
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