Summer 2025 presents a rare opportunity for first-time buyers. Lenders are reintroducing 100 % mortgages, increasing income multiples, and easing affordability tests. While this may help those struggling to save for a deposit, thorough preparation is essential. If you are considering buying your first home this summer, here is what to know and how to get ready.

Understand the New Mortgage Landscape

Several lenders, including April Mortgages and Gable Mortgages, have launched 100 %, meaning buyers can borrow the full value of a property without any deposit if they meet strict criteria.

Gable Mortgages offers a fiveyear fixed rate of approximately 5.95%  for standard properties and 5.65% for newbuild homes. Other lenders, including Skipton, Barclays and Halifax, are launching or reintroducing similar nodeposit products.

Get Your Finances in Order

Before applying, you need to present a strong financial profile. Lenders will assess the following carefully:

1. Your credit report, ensuring it contains no errors.
2. Your existing debts, including credit cards and loans.
3. Clear and documented bank transaction history, showing consistent income and no unexplained withdrawals or gambling transactions.
4. Your rental payment history, as some lenders use this as proof of affordability.

Your mortgage adviser can guide you in cleaning up your financial records, advising on what is acceptable and what could harm your application.

Secure a Mortgage in Principle

A mortgage in principle is a preliminary agreement from a lender based on your income and credit profile. It provides clarity on how much you might be able to borrow and shows estate agents and vendors that you are a serious buyer. Crucially, a mortgage in principle arranged by your adviser will not affect your credit rating.

Consider the Total Costs

Buying your first home involves more costs than just the purchase price. You should budget for:

• Solicitor and conveyancing fees
• Valuation and survey costs
• Possible mortgage arrangement fees (some lenders allow these to be added to the loan)
• Stamp duty, though many firsttime buyers pay little or none 
• Home insurance and life or income protection, which your adviser can help to include in a review

Your mortgage adviser can help plan these costs to avoid financial surprises later on.

Understand the Risks

Zerodeposit mortgages come with higher interest rates and a greater risk of negative equity should house prices fall. Ask your adviser to stresstest your budget against repayment rates increasing by 1% or 2%. This helps ensure you can comfortably meet repayments, even if economic conditions change.

Speak to Your Mortgage Adviser Early

Preparation is key. Your mortgage adviser can:

• Help you understand which nodeposit and lowdeposit options you qualify for
• Run credit and affordability health checks
• Explain the implications of higher interest and monthly costs
• Advise on protection policies to safeguard your financial commitments
• Keep track of repayment buffers, interest rises and building equity

With 100% mortgages and flexible lending returning this summer, the time to act is now. Speaking to a mortgage adviser early will ensure you approach the process with clarity and confidence.

Sources:

1. Mortgage Solutions (2025). Gable Mortgages enters market with 100% LTVs. Available at: https://www.mortgagesolutions.co.uk/news/2025/05/20/gable-mortgages-enters-market-with-100-ltvs/ [Accessed 24 Jun. 2025]. 

‌Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

All the information in this article is correct as of the publish date 3^rd July 2025. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

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