A 100% mortgage can be obtained through a guarantor, who uses their own home or savings as security. If you fall too far behind on repayments, the guarantor's home could be repossessed, or their savings may remain inaccessible until you have paid off a certain amount of the mortgage. You should have a strong credit score, a regular source of income and little to no debt. Lenders will want evidence that you can afford the monthly payments. A good record of paying rent on time may help. These mortgages may have higher interest rates and carry a risk of negative equity.

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95% Mortgage

Borrow 95% of the value of a property from a lender, with the remaining 5% covered by your deposit. A 95% mortgage could provide access to more lenders, lower interest rates and less risk of negative equity.

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Shared Ownership

Buy a share of a property and pay rent on the remaining share. The share purchased will usually be between 25% and 75%, although some deals allow shares from as little as 10%. The required deposit will likely be around 5% to 10% of the share being bought. The scheme is mainly intended for first time buyers, although it is open to anyone wanting to buy a home. Household income must be £80,000 or less, or £90,000 or less in London. Check with your lender about restrictions if you want to buy more shares.

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First Homes Scheme

A government programme aimed at first time buyers, allowing you to buy a home for 30% to 50% less than its market value. The home cannot cost more than £250,000, or £420,000 in London, after the discount. You must be a first time buyer, be able to get a mortgage for at least half of the property's price, have a total household income of no more than £80,000 before tax, or £90,000 before tax if the property is in London, and provide a deposit of at least 5% of the discounted price. Some councils may prioritise local residents, key workers and people on lower incomes.

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FREE first time buyer's guide

Get access to a jam-packed guide full of helpful information when you download. Mortgage Advice Bureau will also send important industry news and information to keep you in the loop with what’s happening in the mortgage industry.

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From student loans to bankruptcy, we look at the different types of debt and how they affect your chances of getting a mortgage.

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