WHAT IS A 100% MORTGAGE AND CAN I GET ONE? – TIMES MONEY MENTOR

If you’re a first-time buyer in the UK you may want to know if you can get a 100% mortgage. We explain who is eligible and how they work after lender Skipton launched a no-deposit product.

When buying your first home, you’ll normally need to pay a deposit of around 10% of its value. A bank or building society will then loan you the rest.

Until the financial crash in 2008, buyers could borrow 100% of the value of a property, and in some cases more. This made it easier to get on the housing ladder. That’s because prospective buyers didn’t need to spend years saving for a deposit.

But after the crash, banks tightened their lending criteria. They began asking for a deposit as standard when issuing new mortgages. The minimum deposit amount that lenders accept currently ranges between 5% and 10%.

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