A new mortgage scheme has been launched by Yorkshire Building Society, which could help first-time buyers get on the property ladder with just a £5,000 deposit.
Read more: 'I thought I could do a better job - so I quit and opened my own estate agency at 20 with no savings' Previous research from the society indicates around two in five first-time buyers receive financial help from friends and family to have the chance of stepping on to the housing ladder. This helps renters get on the property ladder with potentially no deposit needed. To do this, it uses borrowers' records of rental payments to help work out what they could be able to borrow.
“Anyone who borrows at a higher loan-to-value would be wise to overpay their mortgage whenever they can to gain more equity and aim to reach a lower loan-to-value bracket where cheaper deals could be found when they come to refinance.