Not long ago, suggesting a 100% mortgage in the UK would have raised eyebrows, or worse, flashbacks to 2008. For years, the idea of buying a home without a deposit was effectively taboo, buried under layers of regulation, risk aversion, and the legacy of the financial crisis.
But something’s changed. As property prices continue to outpace wage growth, and saving for a deposit becomes an impossible task for many, lenders are beginning to rethink their approach. Slowly and carefully, 100% mortgages are making a comeback, but with very different logic behind them.
100% Mortgage Lenders
Skipton Building Society
The first real sign of this shift came with Skipton Building Society’s “Track Record Mortgage.” It was the first of its kind in over a decade (when introduced in 2023): a mortgage that allowed first-time buyers to borrow the full value of a home, no deposit needed. But this wasn’t a return to reckless lending. Skipton made it clear that the product was only for renters with a strong history of making monthly payments on time, every time, for at least 12 months.
Their thinking was simple and hard to argue with. If you’ve been paying £1,500 a month in rent without missing a beat, why shouldn’t you be able to pay the same on a mortgage? Albeit they still need to satisfy standard affordability checks. Why should your inability to save a deposit, in a rental market that eats up half your income, disqualify you from ownership?
It was a smart move. Controlled, logical, and focused on real-world affordability. But Skipton’s approach had limits. It excluded new builds and flats, limited maximum borrowing, and offered only a five-year fixed rate. Great for opening the door, but perhaps not built for those wanting to lock in long-term security.
Then came something more radical and perhaps more quietly revolutionary: April Mortgages.
April Mortgages
Where Skipton offered a way in, April is offering something much broader. Also, a 100% mortgage, but with a completely different feel. Their model is based on the Dutch system, where long-term, even life-long, fixed rates are the norm. In the UK, we’re used to remortgaging every few years, chasing rates and reacting to the market. April flips that on its head, offering mortgages that are fixed for the entire life of the loan.
It’s a simple idea, but in today’s climate, a powerful one: certainty. Know what your payments will be at age 30, 40, 60, no changes, no nasty surprises.
And yes, they’ll lend you 100% of the purchase price (subject to specific criteria).
April’s affordability model also works differently. It’s not based on stress-testing your ability to pay 6 %+ interest in the future. Instead, it’s built on a long-term view of your income and expenses, structured to ensure sustainable homeownership, not just ticking boxes on today’s affordability calculator.
That fixed-for-life offer is compelling. It’s not just about getting on the ladder; it’s about staying there comfortably, predictably, and without the constant pressure to switch lenders or face payment shock every few years.
The Trade-Offs of 100% Mortgages
Now, are there trade-offs? Of course. With a fixed-for-life product, you’re unlikely to get the lowest possible starting rate. Flexibility is also reduced; you’re effectively committing to the structure for the long term unless you pay it off or refinance entirely. But for many, especially younger buyers or those with growing families, that’s a feature, not a flaw.
A New Era of Mortgages: Zero-Deposit Lending for Today’s Realities
So here we are. Two 100% mortgages, two very different philosophies.
Skipton’s approach is cautious and clever, rewarding renters for being financially reliable and opening up a path to ownership that’s been closed for too long.
April’s is bold and quietly transformative, offering access and a complete rethinking of how mortgages can work in a modern economy.
Neither is perfect. Neither is right for everyone. But both represent a shift we haven’t seen in years: an industry finally responding to how people live today.
And maybe, just maybe, this is the beginning of a new kind of mortgage thinking, one that sees zero-deposit lending not as a red flag, but as a real solution, provided the underwriting is smart, thoughtful, and built for the long haul.
