£5K Deposit | Accord Mortgages
The £5k Deposit Mortgage for First Time Buyers
Key information
Exclusive to first time buyers (New builds excluded)
Loan size
£95,001 - £495,000
Purchase price
£100,001 - £500,000
Max term 40 years. Max age at end of term 70
How to get started
What you need to know
Client eligibility is as follows:
- At least one applicant must be a first time buyer (defined as never having owned a property in the past) and no background properties on the application
- The maximum age allowable at the end of the term is 70
- Both applicants must have indefinite right to reside in the UK.
The product is only available on pre-existing houses and flats. New build properties and properties in Northern Ireland are not eligible.
Yes, please see below:
- Maximum LTV – 99%
- Minimum Deposit - £5000
- Minimum purchase price - £100,001
- Maximum purchase price - £500,000
- Minimum Loan - £95,001
- Maximum Loan - £495,000
- Maximum Term – 40 years
- Maximum LTI is 4.49x.
Yes, however, for joint applications, at least one applicant must be a first time buyer, and there can be no background properties on the application.
No – JBSP applications are not acceptable.
No – offset is unavailable.
Yes, however no additional lending will be allowed until there is a reduction in LTV to under 95% LTV.
No – specific products only.
Yes providing they are from a family member.
Yes, providing the loan restrictions are met and from a family member or an existing private landlord. Please note the £5k deposit requirement is not satisfied by a gift of equity, this must be either from the clients own sources or a cash gift from family.
No, the product is specifically on a 5 year fixed rate.
Yes, there is a 10% overpayment allowance per annum.
Yes, an enhanced credit score must be achieved for your applicant(s) to be eligible for the product. Where an applicant is not eligible, but meets our standard credit score requirements, MSO will provide further information.
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