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0% Deposit Mortgages

Traditional mortgages often require a substantial deposit, making it challenging for many aspiring homeowners to take that crucial step onto the property ladder. However, as of now, these barriers have been shattered and clients with no deposit can now look to buy a home. With Sett Mortgages, you can turn your dream of owning a home into a tangible reality, without the burden of a hefty upfront cost.

This new and innovative approach opens doors for first-time buyers eager to secure their place in the market with a  0% deposit game-changing solution.

At Sett Mortgages, we firmly believe that homeownership should be accessible to everyone. Our dedicated team of mortgage experts is here to guide you through every step of the process, ensuring you have the knowledge and support necessary to make informed decisions.

Don’t let a lack of funds hold you back any longer. With Sett Mortgages, the path to owning your own home has never been smoother or more attainable.

What is a 0% deposit mortgage?

A 0% deposit mortgage, also known as a zero deposit mortgage or zero percent deposit mortgage, is an innovative type of home deposit that allows borrowers to purchase a property without the need for a traditional upfront deposit.

Unlike traditional mortgages that typically require a substantial deposit, a 0% deposit mortgage eliminates this financial barrier, making homeownership more accessible to a wider range of individuals.

With a zero deposit mortgage, borrowers can finance the entire purchase price of the property, spreading the cost over the term of the mortgage. This means that homebuyers can enter the housing market sooner, without having to spend years saving for a sizeable deposit.

While the absence of a deposit may result in slightly higher monthly mortgage payments, the flexibility and affordability provided by a 0% deposit mortgage can be a game-changer for those who wish to become homeowners but lack the immediate funds for a substantial deposit.

What do you need to be eligible for 0% deposit mortgages?

To buy a house with zero deposit through a 0% deposit mortgage, there are certain eligibility criteria you need to meet. As of today, here are some of the main points.

Firstly, having a good credit score is essential, as it demonstrates your ability to manage debt responsibly. Lenders want to ensure that you are a reliable borrower before offering a mortgage with no deposit so they do not want to see any late or missed payments in the last six months.

Additionally, lenders typically evaluate your income and employment stability to assess your repayment capacity. A steady income stream and a secure employment history increase your chances of qualifying for a mortgage with a 0% deposit.

Finally, it is important to note that affordability checks, such as assessing your monthly income and expenditure, are often conducted to ensure you can comfortably meet the mortgage repayments. One main factor of eligibility for the 0% deposit mortgages is that you have 12 months of previous rent repayments to show and the mortgage payment must be lower than the average of the last 12 months rent you have paid and everyone on the tenancy agreement must be on the mortgage.

By meeting these criteria, you can position yourself favorably to secure a mortgage with 0% deposit and embark on your homeownership journey. If you’re looking for help to get organised for a zero deposit mortgage – Sett have you covered!

Want to chat about 0% deposit mortgages?

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Your home/property may be repossessed if you do not keep up with the repayments.

Author

  • Elliott Benson

    Meet Elliott, a seasoned mortgage broker with over nine years of experience in property, and the founder of Sett Mortgages. With a background as a sales negotiator and mortgage services manager, he is a trusted professional with extensive knowledge in all things mortgages. Elliott's empathetic approach and clear communication style make him an approachable expert, decoding the complexities of mortgages for clients from diverse backgrounds. He stays up-to-date with the latest trends and regulations, offering cutting-edge solutions tailored to clients' needs. Committed to their financial well-being, he guides them through the mortgage process, ensuring countless successful and satisfied clients. Elliott's passion extends beyond his practice; he's a prolific writer, sharing his knowledge and insights in industry publications and blogs. His mission is to empower others with the information they need to make sound financial decisions.

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