The £120k homes that single first-time buyers can afford to purchase on their own and without a deposit

A range of 100 per cent mortgages that are now available to first-time buyers means that there's no need for a cash deposit when buying a property, shaving years off the time it takes to become a homeowner.

Normally, house buyers will need a down payment of at least 5 per cent of the property price before taking out a mortgage but a 100 per cent loan will let you borrow the total value of the home.

  • The Post Office's Family Link will let you take out a 90 per cent loan to value (LTV) mortgage, with the 10 per cent deposit secured against your parent's home, providing that they're mortgage-free.
  • Tipton & Coseley offer a similar deal, but you'll need to secure 20 per cent of your new home against a family member's property.
  • Barclays three-year fixed mortgage will lend you the cash if your parents are willing to stump up 10 per cent of the purchase price. The money is held in a savings account and is returned after three years with interest if you make all your mortgage payments.

This, combined with the fact that lenders will let you borrow up to a maximum of four and a half times your annual salary, means that it is possible to get the keys to your own home without saving for a deposit.

A home buyer who earns the average salary in the UK, which is £27,271 according to the latest figures from the Office of National Statistics, could potentially borrow a little over £120,000 for their first home – and that's without teaming up with someone else.

We've put together a round-up of eight properties that are for sale around the UK that could be within your deposit-free budget.

Three-bed semi-detached house, Blackpool – £120,000



This family home is right on budget and comes with off-road parking and a detached garage.

It's a short walk from Bispham Village and has its own, large garden around the back for the kids to muck around in.

Two bed, end terrace house, Chester – £120,000



This home is on the market for £120,000 and is set in a quiet residential cul-de-sac in the village of Elton.

The freehold property has a decent sized garden around the front and the back, as well as a garage down the road.

It's not far from junction 14 on the M56 so it's ideal for those commuting to work in Manchester or Liverpool.

Two-bed flat, Peterborough – £120,000


In Peterborough, a budget of £120,000 will get you a two-bed flat close to the city centre.

The ground floor apartment has allocated parking in a gated area which is accessed via a fob.

Three-bed terrace house, Middlesbrough – Offers between £120,000 and £130,000


This terrace house is accepting offers between £120,000 and £130,000 so could be pushing the higher end of your budget.

It's on a pretty cobbled road in Linthorpe and a kitchen that has recently been refurbished.

It's ideal for first-time buyers who want to move in hassle free without the need to do any work.

Three-bed semi-detached house, Milford Haven – £120,000


The semi-detached home in Wales has funky underfloor heating throughout, as well as three double bedrooms.

The garden is paved and tiered, giving you plenty of room for space to set up a table to eat alfresco.

The house also has a garage and is walkable into the town centre, while Milford Haven is the nearest train station.

Two-bed terrace house, Plymouth – £120,000


This period style house has an open-plan lounge, diner and hall way with a small courtyard around the back.

It's got easy access to the A38 and is close to the city centre within walking distance of the local primary schools.

Four-bed detached house, Shetland – £85,000


If you're prepared for a life on an icy island, then this property in Scotland is a bargain as it's on the market for £85,000.

You'll have a private garden with beautiful views over the Loch of Huxter right the way out onto the sea.

You may need to make the hour-long journey on the mainland if you're looking to do a big grocery shop, but there are a few shops, a school, leisure centre, health centre, and even an 18 hole golf course on the island.

Two bed terrace house, Yeovil – £120,000


This two bed house is located a small walking distance from the town centre and is a two up, two down job.

It needs a little bit of work doing to it to make it more modern but it could be the perfect challenge for a first-time buyer up for a fixer-upper.

What help is out there for first-time buyers?

Help to Buy Isa – It's a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there's a maximum limit of £3,000 which is paid to your solicitor when you move.

Help to Buy equity loan – The Government will lend you up to 20 per cent of the home's value – or 40 per cent in London – after you've put down a five per cent deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.

Lifetime Isa – This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25 per cent on top.

Shared ownership – Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25 to 75 per cent of the property but you're restricted to specific ones.

"First dibs" in London – London Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up to £350,000 to UK buyers for three months before any overseas marketing can take place.

Starter Home Initiative – A Government scheme that will see 200,000 new-build homes in England sold to first-time buyers with a 20 per cent discount by 2020. To receive updates on the progress of these homes you can register your interest on the Starter Homes website.


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