18/05/2026
MORTGAGE NEWS - follow up for anybody who missed this originally
A new low-deposit mortgage scheme is being launched to help first time buyers get onto the property ladder with a minimum personal deposit of just £5,000.
The scheme is designed for buyers who may struggle to save for a larger deposit and aims to make home ownership more accessible.
The mortgage is available for properties with a purchase price of up to £300,000.
Applicants must be first time buyers, although on joint applications only one applicant needs to qualify as a first time buyer, provided they are listed as the first applicant.
The £5,000 deposit must come from the buyer’s own savings and cannot be gifted. Proof of the deposit may also be required.
Both employed and self-employed applicants can apply, and there is no minimum income requirement mentioned within the scheme criteria.
The scheme includes a fixed-rate mortgage product with options available up to 98.34% loan-to-value (LTV), including products with no arrangement fee. A free Level 1 mortgage valuation is also included.
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