Compare our best 100% LTV no deposit mortgages

Compare 100% LTV mortgages - mortgages that you can get without a deposit. Watch out: there are limited options, you'll pay a high interest rate, and no deposit mortgages are risky for you or your guarantor. 100% LTV mortgages are usually reserved for a lender's existing customers or those with a guarantor. Explore our guide to learn more about 100% LTV no deposit mortgages.

Mortgage type

Property price

£

Mortgage amount

£

Mortgage term

years

Initial rate type

Deal length

Repayment type

Our best 100% LTV no deposit mortgage rates

  • Nationwide Building Society 2 Year Fixed mortgage

    Initial rate 2.74%. APRC 4.1%. Set-up fees £999
  • Scottish Widows Bank 2 Year Fixed mortgage

    Initial rate 2.84%. APRC 3.9%. Set-up fees £749
  • Scottish Widows Bank 2 Year Fixed mortgage

    Initial rate 2.84%. APRC 3.8%. Set-up fees £2,499
  • Scottish Widows Bank 2 Year Fixed mortgage

    Initial rate 2.84%. APRC 3.8%. Set-up fees £1,249
  • Halifax 3 Year Fixed mortgage

    Initial rate 2.9%. APRC 4.2%. Set-up fees £0
  • TSB 2 Year Fixed mortgage

    Initial rate 2.94%. APRC 4%. Set-up fees £0
  • Barclays 5 Year Fixed mortgage

    Initial rate 2.95%. APRC 3.2%. Set-up fees £0
  • We've found 61 mortgage deals

    Nationwide Building Society

    2 Year Fixed

    Initial rate

    2.74%

    APRC

    4.1%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £921.60

    for 24 months

    Scottish Widows Bank

    2 Year Fixed

    Initial rate

    2.84%

    until 31-01-2022

    APRC

    3.9%

    overall cost for comparison

    Set-up fees

    £749

    Monthly payment

    £931.86

    for 24 months

    Scottish Widows Bank

    2 Year Fixed

    Initial rate

    2.84%

    until 31-01-2022

    APRC

    3.8%

    overall cost for comparison

    Set-up fees

    £2,499

    Monthly payment

    £931.86

    for 24 months

    Scottish Widows Bank

    2 Year Fixed

    Initial rate

    2.84%

    until 31-01-2022

    APRC

    3.9%

    overall cost for comparison

    Set-up fees

    £749

    Monthly payment

    £931.86

    for 24 months

    Scottish Widows Bank

    2 Year Fixed

    Initial rate

    2.84%

    until 31-01-2022

    APRC

    3.8%

    overall cost for comparison

    Set-up fees

    £2,499

    Monthly payment

    £931.86

    for 24 months

    Scottish Widows Bank

    2 Year Fixed

    Initial rate

    2.84%

    until 31-01-2022

    APRC

    3.8%

    overall cost for comparison

    Set-up fees

    £1,249

    Monthly payment

    £931.86

    for 24 months

    Scottish Widows Bank

    2 Year Fixed

    Initial rate

    2.84%

    until 31-01-2022

    APRC

    3.8%

    overall cost for comparison

    Set-up fees

    £1,249

    Monthly payment

    £931.86

    for 24 months

    Halifax

    3 Year Fixed

    Initial rate

    2.9%

    until 28-02-2023

    APRC

    4.2%

    overall cost for comparison

    Set-up fees

    £0

    Monthly payment

    £938.05

    for 36 months

    TSB

    2 Year Fixed

    Initial rate

    2.94%

    until 30-11-2021

    APRC

    4%

    overall cost for comparison

    Set-up fees

    £0

    Monthly payment

    £942.19

    for 24 months

    Barclays

    5 Year Fixed

    Initial rate

    2.95%

    until 31-01-2025

    APRC

    3.2%

    overall cost for comparison

    Set-up fees

    £0

    Monthly payment

    £943.23

    for 60 months

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    Representative example:

    If you borrowed £200,000 payable over 25 years, with an initial fixed-rate for two years at 4.79%, your monthly payments would be £1,144.84 for 24 months. This would then revert to a standard variable rate (SVR) of 4.24% for the remaining 23 years, costing £1,086.24 per month for 276 months. Overall cost for comparison is 4.5% APRC representative. The total amount payable over the full term would be £328,272, including product fee of £995 and interest of £127,277.

    Your home may be repossessed if you do not keep up repayments on your mortgage.

    What is a 100% LTV mortgage?

    A 100% LTV (loan to value) mortgage is a loan for the full value of a property. For a 100% LTV mortgage on a £200,000 home, you would need a £200,000 mortgage. You do not need a deposit for a 100% LTV mortgage.

    In fact, 100% LTV mortgages are sometimes referred to as 0% deposit mortgages. Or alternatively, sometimes a 100% mortgage.

    The LTV percentage refers to the loan amount you need in relation to the value of a property.

    All mortgages with lower LTVs require a lump sum either from a deposit or home equity.

    100% mortgages were more common before the financial crisis. But now, they are harder to come by and not everyone can get one. The risk to recoup the money is considered too high.

    There are a few different types of 100% LTV mortgages:

    • Family offset, family springboard and family link mortgages
    • Guarantor mortgages
    • New-build developer loans (rare)

    The average 100% LTV mortgage has a higher interest rate than the average 90% LTV mortgage. The average house price in the UK is £231,000, so you'd need a £23,100 deposit to qualify for a 90% LTV mortgage. With rent and living costs so high, saving up that much deposit is not easy.

    But saving up a larger deposit gives you access to mortgages with lower rates of interest. This significantly reduces your total repayments over the full mortgage term.

    How can I get a mortgage with no deposit?

    To get a no deposit mortgage, most lenders want you to already be a customer (i.e. you're remortgaging). The other option is to have a guarantor.

    The guarantor has to provide enough security, such as savings or their own home, to satisfy the lender.

    Without a deposit or a guarantor, most first time buyers will not be able to get a 100% LTV mortgage – the max they could get would be a 95% LTV mortgage.

    If you do not have a deposit, own a home, or have a guarantor, the chances of you purchasing a property are very slim.

    This does not mean you cannot buy a property. But you may have to wait until you have saved a deposit of at least 5%.

    Rather than waiting forever to buy a house, you could:

    What are family offset, family springboard, and family link mortgages?

    A family offset mortgage is almost identical to a traditional offset mortgage. But rather than linking your own savings to your mortgage, you use those of a close relative. You use their savings to “offset” your mortgage debt.

    For example, you want to buy a £200,000 property but do not have the funds for a deposit. Your mother, however, has £30,000 savings. Providing her savings are held with your potential mortgage lender, you could use them as your deposit. This is the equivalent of a 15% deposit and you would only need to borrow £170,000 to buy the property.

    Not all lenders offer this type of mortgage. Of those that do, the family member must be immediate family – a long lost cousin, twice removed will not suffice.

    Family springboard mortgages are very similar to family offset mortgages.

    Family link mortgages are also similar, but they're instead secured against a family member's house rather than cash in a linked account.

    What are guarantor mortgages?

    Guarantor mortgages also require a close family member to help reduce your mortgage loan.

    They could either use their own home (which they’ll most likely need to own outright), or savings as security on your mortgage. This means their home could be repossessed if you miss too many mortgage repayments.

    Your guarantor needs to agree that they will pay your mortgage if you cannot meet the repayments yourself. Parents or other close relatives are the most common type of guarantor.

    Many lenders prefer them to be a joint applicant on the mortgage.

    Some lenders say only parents, grandparents or stepparents can be guarantors. They should have enough equity in their own property and/or a certain amount of income to satisfy the lender’s rules. They’ll also need a good credit history.

    What are new build developer loans?

    These are quite rare. But some property developers offer you a loan for the deposit when you agree to buy one of their new build homes.

    For instance, they might lend you a deposit of 20% on the condition that you repay it within 10 years.

    This may help you to get better rates on the remaining 80% LTV mortgage. Remember, you have to be able to meet mortgage repayments and the loan repayments at the same time.

    What are the risks of getting a mortgage without a deposit?

    The main problems with 100% mortgages are higher product fees and interest rates.

    Lenders can make you pay a higher lending charge, which is a fee for borrowing with a small deposit. This gives them additional protection in case you miss payments or you fall into negative equity.

    Guarantor mortgages are risky for the guarantor: if you fall behind on your monthly repayments, your guarantor must pay the lender instead. If they cannot meet the payments, they could lose their linked savings or have their home repossessed.

    The other risk with 100% mortgages is that you could end up in negative equity if the value of your home decreases. Negative equity is where your home is worth less than the outstanding mortgage loan. This means the lender wouldn't get their money back if you sold the house - which is a bad situation for both you and the lender.

    If you're in negative equity it can be hard to remortgage to a new deal. You could become a mortgage prisoner with large monthly mortgage repayments.

    Can I get a mortgage with an LTV over 100%?

    Those in negative equity may need a mortgage with an LTV over 100%. Negative equity is when your house value drops below the mortgage amount.

    For example: your mortgage is £200,000 but your home has decreased in value to £180,000. You would therefore need a mortgage with a 111% LTV.

    To get out of negative equity, you could use savings to bring the LTV down to 100%, or lower. There are very few mortgage products available for LTVs over 100%, and the interest rates tend to be very high.

    Compare other types of mortgage

    Edited by: Sarah Guershon & Sebastian Anthony

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    Last updated: 2 August, 2019

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