Case Study: Helping a Young Family Buy Their First Home with a Zero Deposit Mortgage
At St Barts Finance, we recently helped a young family achieve their dream of homeownership — even without a deposit.
Our clients, first-time buyers with three children aged 9, 7, and 5, had been renting a three-bedroom house for the past six years. Despite managing their rent of £1,785 per month alongside household bills and the costs of raising a young family, saving for a large deposit proved extremely difficult.
They came to us to explore their options. After a detailed conversation and full financial assessment, we identified that they were eligible for a ‘Track Record’ mortgage — a solution that enables buyers to purchase a home with no deposit, as long as their mortgage repayments are lower than or equal to their current rent.
We ran a Decision in Principle, which was quickly accepted. The family is now proceeding with a mortgage application on their first home — and best of all, their new mortgage payments will be around £100 less per month than their current rent.
This case perfectly highlights how the Track Record mortgage can open the door to homeownership for renters who have a strong history of regular rent payments.