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We have been renting for 7 years and saved a small deposit to buy our first home. Can we get a mortgage that costs no more than our rent?

It’s possible yes and would depend on your income affordability, outgoings and the term you want to repay the mortgage over. You'll need a deposit of at least 5% of the property value and you’d need to go through a mortgage advice process to establish what type of products are available, the monthly mortgage payments and costs including valuation, legal fees and stamp duty.

Products are available specifically for first time buyers with small deposits and these sometimes include help with some of the costs involved and low fees.

The interest rate on loans with smaller deposits will be higher than for other loans.

One way to reduce the cost is through mortgages that allow other family members to provide extra security, either through a charge over their own property or their savings.

This can reduce the interest rate and offsetting savings family members can also help reduce the monthly payment.

Family Building Society
Ebbisham House
30 Church Street
Surrey KT17 4NL
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