Five year fixed new Build Zero Deposit Mortgage
The Gable Mortgages 5-Year Fixed New Build Zero Deposit Mortgage is specifically designed for first or next-time buyers, purchasing a New Build home. Developed in association with a number of the UK’s leading New Build Home developers, the product has been structured to enable the next generation of home buyers who have historically struggled to save for a deposit or get their foot onto the property ladder.
New Build 5-Year Fixed At a Glance
| Product Terms | Characteristics | Benefits |
|---|---|---|
| Fixed Rates | 5-Year Fixed Rate | Helps customers with budgeting. |
| Interest Rate | 5.99% | Competitive rates in line with other similar products (rates are subject to changes in market conditions). |
| Maximum Loan to Value (LTV) | 100% | Zero deposit required. |
| Maximum Loan to Income (LTI) Ratio | Up to 4.49x income (or up to 5x for key workers, 5.5x for joint key workers and 4.5x for self-employed).Key workers include (but not limited to): • Armed Forces Personnel • NHS Clinicians (nurses, paramedics, doctors, etc.) • Firefighters • Teachers and childcare providers • Public Sector Teachers and University Lecturers • Police and Prison Officers • Bus Drivers |
Ensuring comfortable affordability (subject to affordability checks). |
| Product Fees | The Product Fee is charged as a percentage of the purchase price. This Product Fee is payable by the developer. |
|
| Loan Limits | Min: £125,000 Max: £1,000,000 |
|
| Term | Up to 35 years (minimum term 5 years) | Longer terms to reduce monthly repayments. |
| Repayment Term | Capital and Interest Repayment only. | Build equity over term. |
| Applicant Age | Minimum of 23 years, maximum age of 75 years at end of mortgage term. Lending into retirement subject to further assessment. |
|
| Gable Standard Variable Rate | The Bank of England Base Rate (BBR) + 2.25% | This rate is applicable at the end of the fixed rate period. |
| Early Repayment Charges (ERC) | Year 1 – 5% Year 2 – 4% Year 3 – 3% Year 4 – 2% Year 5 – 1% (Overpayments of 10% of the outstanding balance are acceptable each year without penalty) |
Simple and easy to understand ERC structure. |
| Other Fees Solicitors/Legal Fees: |
Dual Representation: £1,800.00 Single Representation: £750.00 – The solicitors fees include all disbursements, searches and Land Registry fees but exclude VAT and any applicable Stamp Duty Land Tax (England) or Land Transaction Tax (Wales).£500 of the dual representative fees are payable once an offer is accepted to begin conveyancing. The balance is payable before purchase completion. Refunds depend on conveyancing stage. Fees cannot be added to the loan. |
Clearly defined fee structures ensure customers understand their potential overall costs. For single representation, your own solicitor’s fees are additional. |
| Exclusions | This Product is not designed for customers who: • Do not meet our Lending or Property Criteria • Do not pass our Affordability Assessment • Do not intend to live at the Security Address • Want an Interest Only Repayment Loan • Are not at least 23 years old or are over 75 years at end of term |
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Supporting you through the application
We provide an end-to-end service throughout the entire purchase process and have a considerate ethos to assist our intermediaries and their clients with the ups and downs of buying a property, especially since most of our borrowers are buying a home for the first time.
You could lose your home if you don’t keep up your mortgage repayments.
