Five Year Fixed New Build Zero Deposit Mortgage

DOWNLOAD NEW BUILD 5-YEAR FIXED 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.

Maximum Loan to Value (LTV) 100% — Zero deposit required

Product Terms

Product Terms	Characteristics	Benefits
Fixed Rates	5-Year Fixed Rate at 5.99%	Helps customers with budgeting.
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)	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	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. Dual representation covers legal costs for both Gable Mortgages and the customer.

Key Workers

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

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

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.