Full list of areas where first-time buyers can actually get a 100% mortgage – and homes start at £27,000
FIRST-TIME buyers could get a home loan without putting down a deposit - but these are the homes you can actually buy.
Skipton Building Society has just launched the UK's first 100% loan-to-value mortgage that's exclusively available to renters.
The Track Record Mortgage is available to tenants aged 21 and above and for first-time buyer purchases only.
The five-year fixed rate of 5.49% is targeted at those who have not deposit saved and need a 100% loan for the full value of the property.
The deal doesn't require a signed guarantor, which makes it unique, as the small number of deposit-free mortgage deals from other lenders all need some help from the Bank of Mum and Dad.
But before borrowing 100% of the cost to buy your first home, remember that if house prices fall, you could end up owing more than the property is worth.
MORE ON MORTGAGES
Skipton's loan is a five-year fixed rate so unless you want to sell before the end of the term, a short-term dip in house prices won't affect you.
Here's what can you actually buy with a 100% mortgage.
The homes you could buy
The Sun crunched the numbers and found out how much you can borrow and what you can get for your money.
We looked at the average income, rent and house price in each region based on stats from the Office for National Statistics.
Most read in Money
Depending on where you want to buy, the maximum you can borrow with Skipton's 100% renter mortgage is wildly different.
For example, in the North East the average couple renting could borrow £195,764 but in London the maximum 100% mortgage would be £550,002.
Buying solo
If you want to buy on your own, the maximum mortgage is a lot lower.
In the North East the average single renter could borrow £97,882 and in London £275,001.
It comes down to the way the 100% mortgage deal tests how much you can afford to borrow.
With a normal mortgage where you put down a cash deposit - even if it's just 5% - you can typically borrow up to four and a half times your salary.
With Skipton's renter mortgage, the maximum you can borrow is capped at what you spend on rent monthly. It makes a difference.
In the North East the average salary is £30,176 and the average house price for a first-time buyer is £139,984, according to the ONS.
If you put down a 5% cash deposit you'd need £7,000 in the bank but you could borrow up to £270,977.
The ONS puts the average rent in the area at £525 a month, so if you applied for the maximum 100% mortgage you could borrow £195,764.
These numbers are averages, so depending on how much you earn and what your monthly rent is, you could be able to borrow more or find your mortgage offer is lower.
NORTH EAST
- Average first-time buyer house price: £139,984
- Average monthly rent: £525
- Maximum 100% mortgage for a single buyer: £97,882
- Maximum 100% mortgage for a couple: £195,764
Cheap and cheerful
This two-bedroom flat is in Hartlepool and comes with one bathroom and a separate reception room.
It's on for just £27,000 but you'll have to cough up £1,200 a year in service charges.
There's also only 67 years left on the lease so it's likely you'd need to extend it before you could get a mortgage approved.
That could cost several thousand pounds more.
More for your money
This two-bedroom terraced house is in Durham and is on the market at £110,000.
It's a three mile walk to both Durham and Chester-le-Street stations.
You'd be buying a freehold so there won't be a service charge, but if something goes wrong you'll have to pay for it yourself.
Big bucks
This two-bedroom terraced house in York is offers over £200,000 so if you're buying as a couple you could stretch to that.
The bathroom is new and there's a garden at the back overlooking a big green.
NORTH WEST
- Average first-time buyer house price: £186,453
- Average monthly rent: £635
- Maximum 100% mortgage for a single buyer: £118,390
- Maximum 100% mortgage for a couple: £236,781
Cheap and cheerful
Not the most attractive outside but inside this flat the brand new kitchen makes the living area fresh and light.
On at £50,000, this two-bed flat in Bootle boasts two bathrooms and is only half a mile from Bootle New Strand station.
Bootle Oriel Road station is even closer.
More for your money
Built in 2008, Alexandra Tower apartments start from £180,000 making it just affordable for a single buyer.
The views over the River Mersey are spectacular and the building also offers secure indoor parking and an entry-phone access system.
Big bucks
A brand new two-bedroom, two-bathroom flat in Manchester's Wharf End on for £230,000.
If you're a Man Utd fan this is the place for you as it's just over the road from Old Trafford.
YORKSHIRE AND THE HUMBER
- Average first-time buyer house price: £183,940
- Average monthly rent: £610
- Maximum 100% mortgage for a single buyer: £113,729
- Maximum 100% mortgage for a couple: £227,459
Cheap and cheerful
This two-bed flat is on the market at £65,000 in Doncaster and is less than half a mile from the station.
It comes with allocated parking too.
More for your money
Located in Bradford, this two-bed "townhouse" is asking for offers over £110,000 making it just affordable for a borrower looking to buy on their own.
Big bucks
An end of terrace cottage with two bedrooms in Shadwell, five miles from Leeds city centre.
For £220,000 you're getting the freehold, meaning no ground rent or service charge.
EAST MIDLANDS
- Average first-time buyer house price: £215,532
- Average monthly rent: £660
- Maximum 100% mortgage for a single buyer: £123,051
- Maximum 100% mortgage for a couple: £246,103
Cheap and cheerful
For a mere £55,000 you can snap up this two-bed terraced house in Grimsby.
There's no onward chain to worry about meaning it should be a relatively quick purchase.
There's a garden at the back but you'll need to do some work to the property to make it feel like home.
More for your money
Nottingham city centre is less than two miles from this first floor flat which has two bedrooms and an open plan kitchen and living room.
Yours for £120,00.
Big bucks
If rural living is more your thing, this two-bed terraced cottage in the village of Norton is on the market for £240,000.
It's just over nine miles to Northampton where trains run direct to Birmingham and London.
WEST MIDLANDS
- Average first-time buyer house price: £213,756
- Average monthly rent: £695
- Maximum 100% mortgage for a single buyer: £129,577
- Maximum 100% mortgage for a couple: £259,154
Cheap and cheerful
This two-bed mid-terraced house is on at £65,000 in Stoke-on-Trent.
It's a real doer upper and would need a lot of money spent on it to get it looking and feeling nice.
The house needs a new kitchen and bathroom but if you're keen to add value, then this could be for you.
More for your money
Another two-bed terrace in Stoke-on-Trent - this time done up and on the market for just £15,000 more at £80,000.
Big bucks
If you're buying as one of two borrowers then this two-bed flat in Solihull in on the market for quarter of a million.
There are two bathrooms, making it ideal for friends or siblings who want to buy together and share.
Watch out for the service charge - it's £3,800 a year and ground rent is £190 a year.
EAST OF ENGLAND
- Average first-time buyer house price: £300,592
- Average monthly rent: £875
- Maximum 100% mortgage for a single buyer: £163,136
- Maximum 100% mortgage for a couple: £326,273
Cheap and cheerful
This two-bed maisonette in Peterborough is on the market at £80,000.
Trains go direct to Kings Cross and take just under an hour.
More for your money
In Wisbech, Cambridgeshire you can purchase this two-bed semi for £160,000.
Downham Market station is nine miles away and is on the London Cambridge line making it a good spot for commuters.
Big bucks
On at £325,000 this swanky two-bed apartment in Welwyn Garden City has its own private terrace facing West for the afternoon sun.
It comes with a designated underground parking space and it takes just five minutes to walk to the station.
LONDON
- Average first-time buyer house price: £469,496
- Average monthly rent: £1,475
- Maximum 100% mortgage for a single buyer: £275,001
- Maximum 100% mortgage for a couple: £550,002
Cheap and cheerful
As you'd expect, tracking down a cheap two-bed place in the Capital is impossible unless you want a houseboat.
You can buy a whole room though.
This studio is in commuter belt territory, just off Sutton High Street with excellent train links into town.
It does have a decent sized bathroom though and could be yours for £155,000.
More for your money
This two-bed flat is right next to Upton Park tube making it an easy commute into the City.
It's much cheaper than the average price paid by first-time buyers in London at just £275,000.
Annual ground rent is just £10.
Big bucks
At £550,000 this two-bed flat is not cheap but it is very central and under half a mile from both Stockwell and Oval tubes.
It's got a private garden - a real rarity in London - but to buy it with a 100% mortgage you'll have to team up with a partner, friend or sibling.
SOUTH EAST
- Average first-time buyer house price: £320,986
- Average monthly rent: £975
- Maximum 100% mortgage for a single buyer: £181,780
- Maximum 100% mortgage for a couple: £363,561
Cheap and cheerful
After London, property is most expensive in the South East.
To get something reasonably cheap you'll have to be prepared to compromise.
But if you work remotely and are on for moving to the Isle of Wight this two-bed flat in Freshwater is on the market for £110,00.
More for your money
Just across the Solent and back on the mainland, this two-bed flat in Southampton is going for £180,000 making it just affordable for a single borrower to secure with a 100% mortgage.
Big bucks
It's all about being by the sea and with £350,000 you could be the next owner of this two-bed flat in Brighton - complete with sea view from the private balcony.
You get a share of the freehold and the property comes with its own garage.
SOUTH WEST
- Average first-time buyer house price: £270,984
- Average monthly rent: £800
- Maximum 100% mortgage for a single buyer: £149,153
- Maximum 100% mortgage for a couple: £298,306
Cheap and cheerful
Because the South West is further from London you can get more house for your money.
This two-bed flat in Plymouth is on the market at £75,000 and is close to the city centre.
More for your money
Head over to Devon and you could buy this two-bedroom flat in Torquay for £140,000 – a snip for surfers looking to live close to the waves.
Big bucks
The 17th Century property is Grade II listed, walking distance to Newent town centre and comes with it’s own enclosed garden.
READ MORE SUN STORIES
Just down the road from Gloucester in the village of Newent this quirky two-bedroom cottage is on the market for £275,000.
All of the properties in this article are listed on Zoopla.