99% Mortgages

The minimum deposit you need is £5000. So, the mortgage is only 99% if you buy a home for £500,000. For example, if you were buying a home priced at £250,000, you would still need £5000 as a deposit, which equates to a 2% deposit. It may be better to think of it as a £5k deposit mortgage.

This type of mortgage product is currently only available as a fixed rate for five years and on a repayment basis. There is no option for a shorter or longer fixed rate currently. The mortgage has £0 product or booking fees, and buyers receive a free standard mortgage valuation. 

There are minimum and maximum purchase prices. The minimum purchase price is £100,001, and the maximum is £500,000. The minimum mortgage loan is £95,001, and the maximum mortgage loan is £495,000. The maximum term - the duration of the mortgage - is 40 years.

At least one person (if you're a couple) must be a first-time buyer. This means you've never owned a property in the past and have no current properties which you own. The maximum age allowable at the end of the term is 70, and you must have the indefinite right to reside in the UK.

Your credit history must be excellent to be accepted for a £5000 deposit mortgage. This means you can't have any missed or late payments, CCJs, defaults or any form of insolvency in the past. A decision in principle (DIP) will determine if you pass the required credit score.