Newcastle for Intermediaries offering 2% deposit First Step mortgage

A First Step mortgage may be a good fit for you if: 

• You are looking for a mortgage between £96,000 and £350,000

• You have a minimum deposit of £5,000

• You are a first-time buyer and you have a clear credit history

• You want a 5-year fixed mortgage

A First Step mortgage may not be a good fit for you if: 

• You are looking for a mortgage less than £96,000 or more than £350,0000

• Your deposit is less than £5,000 and you have not saved it yourself. The lender is not accepting gifted deposits on this mortgage

• You are buying a new build property

• You want to use an affordable home ownership scheme such as Shared Ownership

Is it sensible to take a 2% deposit mortgage?

Many first-time buyers are clearly struggling to save a sufficiently large deposit to get on the property ladder. This latest low deposit option provides another entry point for borrowers to get on the property ladder.

As this mortgage is only available on a five-year fix priced around 5.25%, borrowers will get time to make overpayments, and there is the chance that house prices will increase, especially if work or improvements are made to the property.

Aaron Strutt, product director at Trinity Financial, says: "Newcastle initially limited the number of people who could take this mortgage to test the popularity, but it has widened the availability so we can promote it. There are other low-deposit mortgages available, but this option seems particularly suitable for those looking to buy a property with a smaller deposit. The maximum loan size is not huge at £350,000, but it is large enough to help many borrowers get a property. This mortgage will help lots of first-time buyers get out of renting."

Here is a list of some of the other popular first-time buyer schemes.

Call Trinity Financial on 020 7016 0790 to secure a low deposit mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage