First Time Buyer Mortgage with no deposit

First Time Buyer Mortgages

One of the barriers that First Time Buyers face is how to save a deposit to buy their first home and, one of the questions we’re often asked is,

Can you get a mortgage without putting down a deposit?

Most lenders require a minimum deposit of 5% of the purchase price.

Most lenders require a minimum deposit of 5% of the purchase price.

In recognition of the difficulties faced in saving for a deposit, whilst paying rent plus the other costs of living, Skipton Building Society have today (9th May 2023) launched a product aimed specifically at First Time Buyers that, in certain circumstances, might offer a solution.

Skipton Building Society say

“We think this could be the start of the great shift – turning generation rent into generation homeowner.”

Track Record Mortgage for First Time Buyers from Skipton Building Society

Track Record Mortgage for First Time Buyers are available only to First Time Buyers, over the age of 21 that can prove they have been renting ad paying rent and all household bills for 12 consecutive months within the last 18 months.  In addition they can have no missed payments on any loan or other debt commitments in the last 6 months and the proposed monthly mortgage repayments must be no more than the average rent paid in the last 6 months

These and other criteria can be found at

Some of the risks of a First Time Buyer buying a property with no deposit.

  • 100% mortgages are regarded as higher risk to the lender and as a result the interest rate will probably be higher than an equivalent mortgage with a deposit.
  • Negative Equity can make it difficult to sell the property.
  • It may be difficult to re-mortgage the property at the end of any initial interest rate benefit period and this may lead to paying a much higher rate in the future.

 Some of the benefits of a First Time Buyer buying a property with a deposit.

The bigger deposit you can put down, the greater the benefits available including,

  • More lenders to choose from
  • Better interest rates
  • Lower monthly repayments
  • More likely that an application will be accepted
  • Positive Equity

Overall when putting down a deposit, you will be regarded by the lenders as lower risk and in turn, you should have access to more options and lower rates of interest.

First Time Buyer Mortgage Advice

Dedicated to providing trusted advice, we believe the process of financing your own home should be exciting and stress free.

We make finding the best mortgage simple.

Our impartial mortgage advisors search through 100s of different mortgages from across the whole mortgage market so we can find the best mortgage deal for you

What do First Time Buyers say about our service?

Alex Lewis ⭐⭐⭐⭐⭐

As first time buyers we approached Spolton Mortgages after visiting a couple of other mortgage advisors in Sleaford and we immediately felt at ease after the initial casual chat over the phone. We met with Nick at his office and he spoke us through the whole process, explaining everything we needed and wanted to know in detail. We asked a lot of questions and Nick always gave us a detailed response. No meeting with Nick was ever too long and we never felt rushed, his door was always open for us to pop in and have a chat.

How much does First Time Buyer mortgage advice cost?

There is no charge for our service until you receive a fully approved mortgage offer.

Then there may be a charge which, depending on your circumstances, will typically be £199 on receipt of an approved mortgage offer and no more than £100 when the mortgage starts.

I want to talk to a First Time Buyer Mortgage advisor

Want to talk to someone?                              01529 300500

Prefer WhatsApp?                                           07899 666072

OR, simply use the contact us page at

Terms & Conditions apply

Mortgage products have limited availability and may be withdrawn at any time, without notice.

Your home may be repossessed if you do not keep up repayments on your mortgage

Article reference FP3959