Access FS selected as sole distributor for new 0% deposit mortgage lender

06 February 2025

Mortgage and protection brokerage Access Financial Services (Access FS) has been awarded exclusive distribution rights for a new lender to bring a range of zero-deposit mortgages to market.

The lender launches this month as a pure zero-deposit lender, introducing its inaugural range of mortgages exclusively through Access FS.

It has developed a range of zero-deposit mortgages for all home movers so long as it's their primary residence. It is launching with a five-year fixed rate mortgage and will be available to applicants on Visas.

The mortgages are available to professionals with a minimum salary of £30,000 per annum. It is aimed at people who can afford the mortgage but who have found it difficult or impossible to save for a deposit. The product will be available on all properties, including flats and apartments – a restriction on many low-deposit mortgage mortgages.

While not exclusively available to first-time buyers, the product aims to help them overcome the deposit barrier to buying their own home and address the frustrations of potential first-time-buyers whose efforts to save are hampered by rising property and rent prices. In 2023, private renters spent nearly a third (32%) of their income on rent – compared to owner-occupiers who paid 18% of their income on their mortgage, according to Statista Research Department.

The mortgages are also designed to support buyers who are less likely to benefit from a loan from ‘Bank of Mum and Dad’ – a funding source that is experiencing a decline as families struggle to provide cash or inheritance to first-time buyers.

As well as first-time buyers, the product aims to support keyworkers who can borrow as much as 5.5 times their income.

Access FS is predicting significant demand for the zero-deposit mortgage and expects this product to help them reach £15 billion in mortgage lending by 2027.

Access FS is now looking to increase its number of self-employed mortgage brokers, offering them a free supply of leads as well as training, support and mentoring to grow their own businesses, within a structured compliant environment.

Karl Wilkinson, CEO at Access FS, said:

“The launch of these mortgages will help solve a very real need that people face when trying to buy their first home. We can now provide a solution for professional people trying to get on the housing ladder without the need for help from increasingly hard-pressed family members. It is a testament to the quality of the processes and high level of compliance at Access FS, as well as how rapidly we’ve grown, that we have been chosen as the sole distributor.”

The mortgages are launched at a time when 62% of people think that raising a deposit is most likely to stop someone from buying a residential property, according to the BSA’s Property Tracker.