A 5% deposit mortgage from The Cumberland could be just what you need to open up the property market this year.
Maybe you’re a first time buyer who’s moving out of home or someone who wants to stop spending their money on rent. Perhaps you’re lucky enough to have parents willing to help with a gifted deposit, or you could be already living in your own home with equity you want to make the most of.
Whatever your circumstances, not having to find a huge deposit could set you on the road to owning the perfect property.
Barnaby Robson, Mortgage and Protection Advisor at The Cumberland, said:
“Now things are more settled, we are really pleased to be able to add this to our comprehensive choice of products once more. We know how much freedom it can give people when they see the house they want and don’t have the time or the ability to save a substantial amount because of other commitments.”
We’ve chosen four properties to inspire you if you’re thinking of a 5% deposit mortgage – from the first home to the stylish city apartment.
If you’re looking for a seaside starter…
Railway Terrace, Maryport
West Cumbria offers so many well-priced options for first time buyers and this double-fronted cottage is a perfect example.
It’s got two bedrooms and two reception rooms so it gives ample space if you’re working from home. It even has its own parking space – something that’s often missing from town centre properties.
The rear yard is a nice size and is currently a blank canvas for you to style as you wish.
Maryport is well placed for those who need to commute to Carlisle, Workington or Sellafield thanks to its good road links, as well as the station on the coastal railway line. You’re within sight of the Lake District too.
There’s no onward chain on this house so you could take advantage of The Cumberland’s 5% deposit mortgages and move right in within a matter of weeks.
Barnaby Robson, Mortgage and Protection Advisor at The Cumberland, said: “This would make a smashing first home. Because it’s double-fronted it stands out from your average terraced property. Its transport links also make it ideal for anyone working on the west coast.”
Property details: Available now for £95,000 from Lillingtons.
If you’re looking for city living…
Shaddon Mill, Carlisle
If you prefer to be close to the bright lights and want a first property with the wow factor, how about this apartment in Carlisle’s historic Shaddon Mill?
Those exposed stone walls, high ceilings and giant windows are enough to impress anyone and the fact you’ll only need to find 5% of the £189,950 asking price as a deposit has got to be a huge temptation. What more of a persuasion could your mum need to help you find the money when she sees this very stylish opportunity?
There are two bedrooms, one of them ensuite, and the smaller room would make an ideal office too if you’re still working from home. The main bathroom is compact but super-practical.
You won’t have to worry about things like gardening, leaving you plenty of time to experience everything that city living has to offer. An assigned car parking space is included in the price.
Property details: On sale for £189,950 with BPK Estate Agents.
If you’re looking for your first home…
Victoria Street, Dalton-in-Furness
You could move straight into this mid terraced home in Dalton in Furness. It’s absolutely ideal for a first time buyer.
It’s got two good sized bedrooms so there’s spare accommodation for guests or children and the two reception rooms downstairs mean you’ll have space to spread out.
Those fitted wardrobes in the master bedroom mean you won’t need to splash out on lots of furniture and the decor is neutral enough for you to steer clear of the DIY for a while, yet it still has some personality.
The location is ideal for travelling to Barrow or Ulverston, while Dalton has all the amenities you need. You’re only a short drive from the beach and the Lake District too, perfect for those who love to get outdoors.
Alice Harrison, Senior Sales Negotiator at Corrie and Co independent estate agent in Barrow in Furness, says: “This is a perfect turn key property.”
Property details: On the market for £115,000 with Corrie and Co. (This property is currently SSTC)
If you’re looking for a bit of a project…
Galemire, Cleator Moor
If you want to use the equity in your current home to buy a bigger property, while putting some money aside to undertake some renovation work, this traditional cottage is a bit of a gem.
It’s in Cleator Moor and has great views over to the Ennerdale valley where you can easily escape into the countryside when the DIY is done.
The decor is plain and simple so you can really stamp your personality on the place. There’s a lovely long kitchen and breakfast room, along with a separate dining room, while upstairs there are three good-sized bedrooms.
The true cottage-living style is completed by the gardens to the front and the rear, and you’ll have your own off-road parking too.
Barnaby Robson, Mortgage and Protection Advisor at The Cumberland, said: “5% deposit mortgages can give you the financial freedom to tackle a project like this one. You could do as much or as little as you wanted to bring it up to scratch.”
Property details: All of this for £160,000 with Lillingtons