Get on the Property Ladder with 100% Mortgages for First Time Buyers: Prospect Tree Mortgages
Are you a first-time buyer struggling to save up for a deposit? Well, we have some exciting news for you! Prospect Tree Mortgages are now able to offer 100% mortgages through Skipton Building Society for eligible first-time buyers. While this may not be an option for everyone, we’re thrilled to have these products available as potential solutions for some.
We are excited about this new product line, and we hope to see more lenders following suit. We’ve already heard rumours of a few who might! This innovative mortgage product aims to address some common pain points from individuals struggling to take that first step onto the property ladder. Read on to see whether it’s suitable for you.
Here are some of the main specifics of this new product:
Skipton Building Society’s ‘Track Record Mortgages’ allow first-time buyers to borrow up to a maximum of £600,000 with a 100% LTV (Loan-to-Value).
The maximum term for the mortgage is 35 years.
Joint applicants are allowed on a ‘household-to-household’ basis, meaning movers with a consecutive 12 months rental payment history could be eligible.
Applicants must have experience paying household bills.
Not eligible when purchasing new build flats
Other eligibility criteria will apply, and our mortgage advisors will be happy to discuss these with you.
If you’re a first-time buyer struggling to save up a deposit, these products could be game-changers for you. Rather than waiting years to save up for a deposit, you could potentially purchase your dream home much sooner with a 100% mortgage. Of course, this is a significant financial commitment, so our advisors will work with you to ensure that you can comfortably afford the mortgage payments and are fully aware of the terms and conditions.
If you’re a first-time buyer who meets the eligibility criteria, these 100% mortgage products could be the solution you’ve been looking for. However, every individual’s circumstances are unique, and our mortgage advisors will work with you to determine whether these products are right for you. Don’t hesitate to get in touch with us to discuss your options and take the first step towards purchasing your dream home. Fill out our quick and easy questionnaire at the bottom of the page to speak with one of our advisors today.