£5,000 Deposits for First Time Buyers

This is very different offering to most lenders, who would insist that the deposit is at least 5% of the property's value (so still £15,000 for a £300,000 house). Combine this with reducing interest rates, this year could be a great time for those looking to buy their first home.

The £5k deposit mortgage is currently exclusive to Accord Mortgages (part of the Yorkshire Building Society) and is of course subject to some criteria, so let's dive in and find out if it could be suitable for you.



• Who is the £5k deposit mortgage for? The new £5k deposit mortgage is exclusively for first time buyers, to help them get their foot on the property ladder.

• Is there a maximum property value? Yes, the maximum property value for homes bought using the £5k deposit mortgage is £500,000.

• What type of property could I buy?
  The £5k deposit mortgage is available for flats or houses, excluding new build properties.

• How much could I borrow? One thing to keep in consideration is that a lower deposit increases your borrowing costs. The amount you can borrow will be subject to lending criteria - the team at Motion Mortgages are here to help work out your borrowing power, so get in touch and we can explore your options.

• What type of interest rate would I be on? The £5k deposit mortgage is available on a 5-year fixed interest rate only. A fixed rate has both pros and cons, but it does come with peace of mind of knowing exactly where you stand for your initial mortgage term.

• Is the £5k deposit available for a joint mortgage? Absolutely, but at least one of you must qualify as a first time buyer, and neither applicant must currently own a property. You must also both be 70 years old or under at the end of your planned mortgage term.

Think you might be eligible or want to know more?

If you're a first time buyer looking to get on the property ladder this year, why not get in touch with a member of our team to start asking those initial questions? We'd be happy to help.