If you’re a first-time buyer in the UK wondering how to get a mortgage without a deposit, you’re not alone. With house prices still high and rents eating into savings, saving for a deposit is one of the biggest challenges facing those trying to get on the property ladder. That’s exactly why Buckinghamshire Building Society has launched its new Deposit Lite mortgage product. A 100% mortgage that helps first-time buyers purchase a property without needing a deposit.
What Is a Deposit Lite Mortgage?
Deposit Lite is a brand-new zero-deposit mortgage designed to help buyers who can afford monthly repayments but struggle to save for a deposit. With this mortgage, borrowers can finance up to 100% of the property’s value, thanks to a family-backed collateral charge. A safety net that lets parents or family members support without handing over cash.
Why It’s Perfect for New Builds Too
One of the standout features of Deposit Lite is that it’s suitable for new-build homes. Something that’s often excluded from no-deposit mortgage options.
Here’s what Deposit Lite offers first-time buyers:
- New-build houses and flats accepted
- Builder incentives up to 5% welcomed
- 6-month mortgage offer validity – great for longer build times
- Soft footprint Decision in Principle (DIP) – doesn’t affect your credit score
- Manual underwriting – perfect for those with real-life credit stories
- Contract reassignment up to 80% LTV – useful for shared equity or developer deals
What the Experts Say
Louis Mason, Marketing and Communications Director at Oportfolio Mortgages, commented:
“With house prices where they are, even a 5% deposit can be a massive hurdle for first-time buyers. Many people have the income and the stability to afford a mortgage, but saving up a deposit while paying rent is an impossible balancing act. Products like Deposit Lite are a welcome solution that open doors for buyers who just need a leg up.”
Is Deposit Lite Right for You?
If you’re:
A first-time buyer in the UK, Struggling to save for a deposit, Looking to buy a new-build home or flat, Supported by family who want to help without gifting money, then Deposit Lite could be the mortgage solution you’ve been searching for.
Speak to Mortgage Experts at Oportfolio Mortgages
At Oportfolio Mortgages, we specialise in helping first-time buyers find the right mortgage, even if you don’t have a deposit saved. Our advisers will walk you through the application process, check your eligibility, and help you make the move from renting to owning. Contact our team today to find out if Deposit Lite is the right fit for you.
