No Deposit Home Loans

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No Deposit Loans are loans for 100% or more of the property value. Many of these loans require the borrower to display a savings record for between 3 and 6 months. Some of these loans can now go as high as 106% of the value of the property.

As the lender is going to assume a higher risk by providing a 100% of the finance, stricter lending rules will be imposed on a No Deposit Loan than for a traditional home loan.

For a No Deposit  Loan a good income with stable employment and generally a squeaky clean credit record is a requirement.

With a 100% Loan (100% of the purchase price of the property) the borrower will still need to pay for the property’s purchase costs such as the stamp duty, solicitors fees, etc., unless the loan is one where these costs are covered in the loan,  such as in a 106% loan. i.e. 106% of the value of the property. Just one thing to bear in mind is that the value of the property is not necessarily the price the buyer pays for the property, but is actually the value determined by the lender’s valuer, which could be less than that of the purchase price of the property.

Some Lenders may allow for the lenders mortgage insurance (LMI) to be capitalised in a No Deposit Loan. In other words, this is where lender’s mortgage insurance is allowed by the lender to be built into the loan.




Some Pros
-100% finance
-No deposit needed
-Can get into the property market quickly
-May be able to include purchase costs into the loan, as in the 106% loan

Some Cons
-Stricter lending rules
-Will require very stable employment, good income and a very good credit history
-May be required to produce a history of savings
-Will pay lenders mortgage insurance
-Lender may have restrictions on the type and location of the properties you are allowed to purchase


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