"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."
- Karl Wilkinson, CEO at Access FS
Mortgage and protection brokerage, Access Financial Services, has been awarded exclusive distribution rights for a new lender launching a range of zero-deposit mortgages.
The lender launches this month as a pure zero-deposit lender, introducing its inaugural range of mortgages exclusively through Access FS.
It has developed a range of zero-deposit mortgages for all home movers so long as it's their primary residence. It is launching with a five-year fixed rate mortgage and will be available to applicants on Visas.
The mortgages are available to professionals with a minimum salary of £30,000 per annum. It is aimed at people who can afford the mortgage but who have found it difficult or impossible to save for a deposit. The product will be available on all properties, including flats and apartments – a restriction on many low-deposit mortgage mortgages.
While not exclusively available to first-time buyers, the product aims to help them overcome the deposit barrier to buying their own home and address the frustrations of potential first-time-buyers whose efforts to save are hampered by rising property and rent prices.
As well as first-time buyers, the product aims to support keyworkers who can borrow as much as 5.5 times their income.
Access FS is predicting significant demand for the zero-deposit mortgage and expects this product to help them reach £15 billion in mortgage lending by 2027.
Access FS is now looking to increase its number of self-employed mortgage brokers, offering them a free supply of leads as well as training, support and mentoring to grow their own businesses within a structured compliant environment.
Karl Wilkinson, 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."
