First-time buyers and existing homeowners with no deposit could gain a new route into the property market following the launch of a 100% loan-to-value mortgage from Gable Mortgages.
The lender’s new range requires no cash deposit, guarantor or other collateral and is available to eligible first-time and next-time buyers purchasing established homes.
Gable says the product is aimed at people who can afford monthly mortgage repayments but have struggled to build a deposit while paying rent and other living costs.
A separate 100% LTV mortgage is available on selected Barratt Redrow developments, potentially widening the pool of buyers able to purchase new-build homes without first accumulating a deposit.
NO-DEPOSIT BUYERS
Gable’s standard five-year fixed zero-deposit mortgage is priced at 6.60%, with loans ranging from £125,000 to £1m and terms of between five and 35 years.
Applicants need a minimum income of £27,780, falling to £25,000 for eligible key workers, and must pass full affordability, credit and stress-testing assessments.
The new-build product is priced at 6.40% fixed for five years. No product fee is charged to the buyer, with the developer covering the product and standard valuation costs.
Gable’s standard product carries a fee equivalent to 1% of the mortgage.
DEPOSIT BARRIER
The lender says deposit requirements remain one of the biggest obstacles to home ownership, citing figures showing the average first-time buyer deposit reached £61,090 in 2024.
Chris Eaton (main picture, inset), Co-Chief Executive Officer of Gable Group, says: “We are seeking to support prospective home owners across the UK for whom rising house prices and deposit requirements have made home ownership more difficult to achieve.
“Our 100% LTV product range combines fixed-rate certainty, competitive rates and a disciplined underwriting approach, helping eligible, creditworthy customers to access home ownership without the need for a traditional deposit.”
Gable says the range could also support existing homeowners who want to move but do not have sufficient equity available for a conventional deposit.
