Advert

Latest

Man Who Had Nose And Top Lip Removed To Look Like A 'Black Alien' Struggles To Speak

Man Who Had Nose And Top Lip Removed To Look Like A 'Black Alien' Struggles To Speak

published at2 hours ago
Advert
Advert

Most Popular

Advert
News

Halifax Launches New 100% Mortgage With No Deposit For First-Time Buyers

 Halifax Launches New 100% Mortgage With No Deposit For First-Time Buyers

Thanks to the rise in house prices, getting on the property ladder is harder than ever before, with first-time buyers facing an uphill battle when it comes to purchasing their first home.

In a bid to help overcome this issue, Halifax has introduced a new scheme whereby you can now get a mortgage with no deposit required - so long as a family member contributes 10 percent of the house price from their own savings.

First Time Buyers Can Get On The Property Ladder With No Deposit. Credit: PA
First Time Buyers Can Get On The Property Ladder With No Deposit. Credit: PA

So yeah, you'll still need to find someone who's willing to pay what is basically the equivalent of the deposit. However, as you pay off the mortgage, they'll get their money back - and the bank will pay 2.5 percent interest on what they contribute as a thank you.

Advert

What's more, the buyers can also get a £300 sweetener to help with legal fees.

The conditions state that the house has to be £500,000 or less over a maximum of 30 years. The three-year mortgage is only available for first-time buyers and is set at 2.9 percent.

Let it be known that you won't qualify as a first-time buyer if you move and, more importantly, if you miss payments then Halifax is allowed to take cash from the 10 percent deposit your family member contributed.

More Like ThisMore Like This

1 of 6
News

Boris Johnson Promises Five Percent Deposits For First Time Home Buyers

So if you can stick to these criteria and are interested in making the most of this deal, the next stage is finding the right person to foot the deposit money.

Advert
Credit: PA
Credit: PA
News

First Time Buyers Find Out Their New Build Property Is Worthless

published at4 months ago

Anyone can do so as long as they have either a fee-free Halifax Reward account or an Ultimate reward current account - and if they have enough savings in the first place, obvs.

If they tick the boxes, they'll have to set up a Family Boost Fixed Savings Account before the mortgage is sorted and, over the years, they'll slowly receive the 10% back, as well as 2.5% interest.

The idea is that the funds are balanced out as you pay off the mortgage and eventually you'll switch over to a lower loan-to-value mortgage. And so you've got your feet firmly on the first rung of the property ladder, no deposit required.

Advert

The set-up is more or less identical to the Barclays Family Springboard initiative, as well as Lloyds, who offer a similar deal for first-time buyers.

Featured Image Credit: Pexels

Topics: Bank, Home, House

Chosen for YouChosen for You

Britain's Got Talent Set To Be Postponed Until 2022
published at4 hours ago

Most Read StoriesMost Read

News

Doctors Issue Warning Following Viral Video Of Man Using Erection Cream For Fuller Lips

published at2 hours ago

Daisy Phillipson

Daisy is a UK-based freelance journalist with too many opinions. She loves everything film and music-related and has a track record writing for Little White Lies, BWRC, and Film Daily. Contact her at [email protected]