Frequently Asked Questions

Forget everything you thought you knew about deposits.

The market is more flexible than ever:

• Traditional 5% & 10% deposit options still exist and are the most common.

• Skipton Building Society currently offer a mortgage for renters with £0 deposit requirement

• Accord Mortgages has innovative low-deposit solutions (from as little as a 1% or £5000)

• Concessionary purchase options allow buying from landlords or family with potentially £0 deposit contribution from you.

  These new options mean homeownership might be closer than you think:
  

• Rental history can now replace traditional deposit requirements

• Some lenders are looking beyond standard deposit models

• Unique schemes are opening doors for first-time buyers who might have been locked out before

  The bottom line? Don't let the deposit myth stop you.
  We'll help you explore every single option to get you into your first home.

The government wants you to own a home. Seriously.

Check these out:

• Shared Ownership: Buy part of a property, pay rent on the rest

• First Homes Scheme:

• Discounted properties for local first-timers

• Lifetime ISA: Save £4,000 a year and get a free 25% bonus from the government

• 5% Deposit Mortgage Guarantee Scheme:

  Your ticket to homeownership We'll help you hack these schemes and find your perfect entry point.

Mortgage lending isn't dark magic.

Here's how it works:

• Typically, lenders offer 4-4.5 times your annual income

• For a £50,000 salary and 10% deposit, you could qualify for the First Time Buyer Boost! borrowing up to 5.5 x income = £275,000

• Your credit score, spending habits, and financial history matter

  We'll help you understand exactly what you can afford – no surprises

Buying a home isn't just the mortgage.

Budget for:

• Stamp Duty (first-time buyers currently get stamp duty relief!)

• Legal fees

• Mortgage arrangement costs including broker fees

• Surveys and valuations

• Moving expenses Initial home setup

• Budget around £2,000-£5,000 for these extras.

  We'll help you navigate and potentially reduce these costs.

Your credit score is like your financial tinder profile. Make it look good:

• Higher score = better mortgage rates

  Simple wins:

• Get on the electoral roll

• Keep credit card balances low

• Pay bills on time Avoid credit application spam

  We'll be your credit score personal trainer, helping you flex those financial muscles.

Welcome to the game-changer for first-time buyers: Joint Borrower, Sole Proprietor (JBSP) mortgages.

This isn't just another mortgage option – it's your potential ticket to getting on the property ladder.

How does it work?

• Up to 4 people can be on the mortgage

• Only one person needs to be on the property deeds

• Parents, siblings, or friends can support your mortgage application

• Combines multiple incomes to boost your borrowing potential

• Helps overcome challenges like lower individual earnings or limited deposit

  Real-world scenarios where JBSP shines:

• Parents helping their children buy their first home

• Friends combining financial resources

• Couples where one partner has a more complex income situation

• Individuals with lower individual income but strong family support

  Key benefits:

• Potentially borrow more than you could alone

• Overcome stricter lending criteria

• Flexible option for complex financial situations

• Pathway to property ownership that traditional mortgages might block

  Potential considerations:

• All named borrowers are financially liable

• Credit histories of all borrowers are considered

• Some lenders have maximum ages if you have older parents

  Clear exit strategy is crucial Legal and financial advice recommended At The Mortgage Dog, we'll help you navigate the JBSP landscape, ensuring you find the perfect solution to turn your homeownership dreams into reality.