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Keep up to date with the latest news and our guides on all things mortgages. 

Have you heard of the 99% mortgage?

Let’s discuss the new first-time buyers' 99% mortgage with £5k deposit by Accord Mortgages.

 

As you might have guessed from the name, a 99% mortgage allows you to take out a mortgage with only a 1% deposit. This could be a fantastic opportunity for those struggling to buy a house. Think renters who already pay what they would in rent. Or those who can cover repayments but can’t save enough of a deposit in time to buy a house.

 

With only a £5,000 deposit, potential buyers might be able to purchase a property valued at up to £500,000. Available to first-time buyers only, borrowers could take out a five-year fixed-rate mortgage at 5.99 per cent.

 

Yorkshire Building Society’s Director of Mortgages, Ben Merritt, said the society's research found it could shorten the time first-time buyers need to get mortgage ready. He added that it could help to encourage a “level playing field for those who don’t have financial support from their families to fall back on.”

 

Affordability must be addressed when taking out such a large mortgage. Issues such as losing your job or property value falling mean you will be in debt to the bank even if you sell your house.

 

Due to the nature of these loans, speak to us today to see if they would suit you

 

SPEAK TO AN ADVISER

 

Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. You may be charged a fee for mortgage advice.

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Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office: 107 Promenade, Cheltenham, GL50 1NW.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

@ 2020 by Fairview Financial

Our Fees        

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

Our standard fee for Equity Release is £895 and this is paid on completion.

We also receive a commission from the lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. If we receive a commission, this will not affect the cost payable by you.

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.


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