THE MIDLANDS PROPERTY GUIDE MONE Y WAT CH F I NA NCE


Moneywatch Finance WHAT FIRST-TIME BUYERS 56


NEED TO KNOW THIS SUMMER AND HOW TO BE PREPARED


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 Mor tgages and Gable Mor tgages, have launched 100%, meaning buyers can borrow the full value of a property without any deposit if they meet strict criteria.


Gable Mor tgages offers a five year fixed rate of approximately 5.95% for standard proper ties and 5.65% for newbuild homes. Other lenders, including Sk ipton, Barclays


and Halifax, are launching reintroducing similar no deposit products.


GET YOUR FINANCES IN ORDER Before applying, you need to present a strong financial profile. Lenders will assess the following carefully:


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


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