Broker firm Access FS has secured exclusive distribution rights for a new zero-deposit mortgage lender.
The zero-deposit lender, which has not been named, will launch later this month and has developed a range of mortgages for all homemovers.
The deals require that the property is a primary residence, come on a five-year fixed term and are available to applicants on visas. They can be used on all properties, including flats.
The mortgages are available to professionals with a minimum salary of £30,000 per year.
The zero-deposit deals are aimed at those who “can afford the mortgage but who have found it difficult or impossible to save for a deposit”.
This could be first-time buyers, key workers – who can secure five-and-a-half times their income – and those who may not have access to the Bank of Mum and Dad.
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Recent research indicated that the high cost of living was negatively impacting parents’ ability to back children’s home deposits, with 59% withdrawing support.
The broker firm said it is expecting “significant demand” for the zero-deposit mortgage and expects the product to help it hit £15bn in mortgage lending by 2027.
Access FS added that it was looking to grow the number of self-employed mortgage brokers, noting that it would offer the free supply of leads, training and support and mentoring to grow their business.
Karl Wilkinson (pictured), CEO at Access FS, said: “The launch of these mortgages will help solve a very real need that people face when trying to buy their first home. We can now provide a solution for professional people trying to get on the housing ladder without the need for help from increasingly hard-pressed family members.
“It is a testament to the quality of the processes and high level of compliance at Access FS, as well as how rapidly we’ve grown, that we have been chosen as the sole distributor.”
