First Time Buyer Mortgage Low Deposit: The £5,000 Deposit Mortgage

Introduction to First Time Buyer Mortgage Low Deposit with Accord

Are you eager to purchase your first home but find it challenging to save up for a substantial deposit?

Accord introduces a ground breaking £5,000 deposit mortgage, offering a potential solution for first-time buyers with limited savings. Let's explore how this innovative offering from Accord can benefit you as a prospective homeowner.

What are Low Deposit Mortgages?

Low deposit mortgages, also known as high loan-to-value (LTV) mortgages, are tailored to assist first-time buyers in entering the property market sooner, without the need for a significant upfront deposit. These mortgages offer a pathway to homeownership by requiring a smaller initial sum.

Qualifying for a First Time Buyer Mortgage Low Deposit with Accord

To qualify for a low deposit mortgage with Accord, certain criteria must be met:

• At least one applicant must be a first-time buyer.
• The maximum age at the end of the mortgage term is usually 70 years.
• Both applicants must have indefinite right to reside in the UK.
• An enhanced credit score is required.

Property Restrictions to Consider

When exploring low deposit mortgages, it's crucial to understand the associated property restrictions:

• Only pre-existing houses are eligible.
• New build properties and flats are not eligible.
• Properties in Northern Ireland are also not eligible.

Loan Restrictions with Accord's Low Deposit Mortgages

Accord's low deposit mortgages come with specific loan restrictions to consider:

• The maximum LTV is 99%.
• A minimum deposit of £5000 is required.
• The purchase price typically ranges from £100,001 to £500,000.
• The loan amount must be between £95,001 and £495,000.
• The maximum term for an Accord 5K deposit mortgage is 40 years.

Additional Features and Benefits

Accord's £5,000 deposit mortgage offers additional features to enhance your homeownership journey:

• Applicants may benefit from gifted deposits from immediate family members.
• Concessionary purchases allow properties to be bought below market value from immediate family members.

Flexibility and Repayment Options

Accord's 5K deposit mortgage is available on a 5-year fixed-rate term and allows 10% overpayment per year. This flexibility enables borrowers to reduce the mortgage balance and save on interest over time.

Eligibility Requirements

To be eligible for the £5k deposit mortgage, applicants must meet an enhanced credit score requirement.

Conclusion

Accord's 5K Deposit Mortgages provide first-time buyers with a fantastic opportunity to step onto the property ladder with a smaller down payment.

Understanding the eligibility criteria, property and loan restrictions, and additional features will empower you to make informed decisions.

For more information on low deposit mortgages, reach out to MDJ Mortgages and kickstart your journey to homeownership.

*Find out more at Accord’s website