No Deposit Mortgage / 0 Down First Time Home Buyer

We all dream of owning our first home but since the 1998 credit crunch 100% loan to value mortgage plans are very rare, if not impossible. This said there may be options with family help or government schemes available to home buyers with no deposit make that first step onto the property ladder.

Guarantor Mortgages

A guarantor mortgage is an option available to borrowers with very little in terms of deposit. This is a type of mortgage in which a family member or friend will act as guarantor and place themselves on the mortgage with you, this is a good way in which a parents can help their children make that first step on to the property, this does have the negative impact of possibly making the guarantor responsible for the mortgage if payments are missed, so should be considered carefully. Either You or they will still need a decent deposit between you to qualify.

Gifted Deposit Mortgage

An alternative way for a parent to help their loved ones is `gifting` them the initial deposit for the purchase of buying their first home. Many lenders will accept a gifted deposit, this will also enable you to purchase a property with 0 down from yourself, with a little help from your family or friends. First Choice Finance have a number of lenders available for home buyers who may want to use a gifted deposit.

If you haven`t got the help of friends or family to give you that first step up onto the property ladder, the government have a number of home buyer schemes available, some created specifically for first time buyers.

Help To Buy Scheme

Help to buy is a scheme brought in from the government to allow you to borrow money for the initial equity for a property from the government, up to 20% of the property value (40% in London). You will however require a 5% deposit yourself, but this scheme does widen the range of properties available to you. First Choice Finance work with an extensive panel of lenders offering mortgages available via the help to buy scheme.

Shared Ownership

This is a scheme brought in to help buyers purchase new build houses from property developers / builders. You purchase a percentage of the property while the rest of the property will be owned by the local authority / housing association. You will pay a mortgage on the amount of equity that you own and rent to the local authority on the remainder of the equity.

Buying Council House With No Deposit

If you are renting a council property then you may be able to purchase your property via the government right to buy scheme without a deposit, the right to buy scheme allows you to purchase your council house with a deposit granted depending on how long you have lived in the property, this deposit can be used instead of a initial down payment or deposit.

All these options are available for consideration if you are looking for around 100% to 95% mortgage. Although in many cases the best cause of action is to try and save the initial deposit yourself, this will allow you to have many more options when looking for a property and mortgage and may enable you to find mortgage offers at lower rates than having no deposit. Whatever your situation First Choice is always happy to help and offer no obligation mortgage advice, feel free to call us and go through your plans with a qualified mortgage adviser.

Our mission is to deliver results for all our customers, while providing a full service, value added experience- resulting in trusted and sound mortgage solutions. We have a fresh approach and aim to significantly improve your customer experience, getting you the best mortgage products and rate while increasing your ability to purchase and reducing your borrowing costs.

Experience working with our elite mortgage professionals – a dedicated team that delivers professional mortgage service and expert solutions tailored to your needs.

We provide UK home buyers with the best mortgage products from our panel lenders, at some of the best mortgage rates. With many of the UK`s biggest lenders from the high-street as well as specialist lenders to choose from, we can search the British mortgage market and deliver the best mortgage rates, options and service. Our residential mortgage advice and services are given from qualified mortgage advisers. We specialise in first time home buyers, mortgage renewals, mortgage refinance and debt consolidation, mortgages for the self employed, as well as equity and private mortgages. Plus we do this whilst trying to save you money via interest costs and monthly payments. Our team isn`t just about getting your mortgage approved - it`s about building lasting relationship.

First Time Home Buyers

Buying a first home can be a very exciting time in your life. If you`ve never had a mortgage before, we can help. Our team of mortgage advisers can assist with your mortgage pre-approval, which takes the mystery out of buying your first home. You can do this with as little as 5% or using a no money down mortgage subject to availability and alternative deposit sources.

Mortgage Renewals & Transfers

At mortgage renewal time most banks will offer you their standard revert rate, rarely giving you the lowest rate in the market. With many mortgage lender relationships , our mortgage brokers will shop for the lowest mortgage rate from our panel of lenders. This could save you thousands in interest costs over the term of a mortgage.

Mortgage Refinance & Debt Consolidate

Saving thousands in interest can be easy- under the right circumstances. You could simply refinance your existing mortgage at a much lower rate or consider a home refinance remortgage to take out some of the equity and use these funds to fund home renovations or consolidate high interest debts such as credit cards, thus saving you thousands in interest payments.

To determine if refinancing makes sense for you simply complete the quick mortgage enquiry form at the top of this page and we will get back to you promptly with the best solutions, and show you how you may save in interest payments.

Mortgages for Self Employed

This niche area is one of our many specialties- it`s what we do really well. If you are self-employed or in commission-based sales, our mortgage brokers can help you get qualified for a self employment mortgage. You`ll appreciate our simplified credit approval process and the ability to select a variety of home ownership solutions.

Unlike certain financing institutions, we understand that the `traditional` rules of mortgage application won`t necessarily work for you, and our mortgage brokers know exactly what it takes to get you the Mortgage you deserve, and at a competitive rate.

With our many options, you can qualify for hassle-free home purchase financing with as little as 10% down. If you already own your home, you can refinance and use the funds however you wish.

Private & Equity Mortgages

Home financing options for home equity loans and mortgage financing first mortgages, second mortgages and debt consolidation loans, refinancing, partial interest mortgages, property purchases, poor credit and bank turndown help and much more.

When the banks cannot approve your financing due to income or bad credit issues we can help with a home equity loan or specialist mortgage. Contact us today and discover how our dedicated team of mortgage and home equity loan professionals can help you.

Commercial Mortgages

Looking for commercial mortgages? Our mortgage brokers have access to a variety of commercial lenders in the UK. Our mortgage lenders provide loans for everything from a small business purchase or refinance, to the purchase of a large commercial project; including franchises, multi-family investments; large commercial shopping Centres and so much more.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.