Mortgage Options for Local Tenants
16 July 2026
The challenge has often not been repayment affordability; it’s been the ability to save a large deposit whilst continuing to pay rent, bills and everyday living costs.
Four Mortgage Options That Could Open The Door to Your Next Chapter
1. The 0% Deposit Mortgage
The Skipton Building Society Track Record Mortgage was designed specifically for renters who have demonstrated a strong rental payment history. Rather than requiring a traditional deposit, eligible applicants may be able to purchase a home with no deposit at all.
This option could appeal if:
- You've rented consistently for at least 12 months
- Your rent payments have been made on time
- You have a stable income
- Saving any deposit has been difficult due to the cost of renting
You need to be 21 or over, haven't owned a UK property in the last three years, and have no missed payments on debts or credit commitments in the last 6 months, to unlock borrowing potential of up to £600,000. For Horsham-based and other local tenants, this represents an opportunity to stop paying a landlord, and begin building equity in their own property instead.
2. The 2% Deposit Mortgage
Santander's "My First Mortgage" allows eligible first-time buyers to purchase a home with a deposit as low as 2% of the purchase price, subject to lender criteria.
Why it may appeal to tenants:
- A much smaller savings target
- Could help you move sooner rather than waiting several more years
- Ideal for renters who have started saving, but feel a traditional deposit will still be a long time coming
For example, on a £250,000 property, a 2% deposit would be £5,000 rather than £25,000 for a traditional 10% deposit. The product is designed to help buyers who can afford monthly mortgage payments but have found it challenging to save a larger amount.
3. The £5,000 Deposit Mortgage
Halifax recently introduced a mortgage allowing eligible first-time buyers to purchase a home with a fixed deposit of £5,000, regardless of the property's value (within the scheme limits).
This scheme may be suitable if:
- You're a first-time buyer
- You have at least £5,000 in savings (not gifted funds)
- You're purchasing within the qualifying property value range (£102,000 - £300,000)
This product offers a 5-year fixed term repayment mortgage, although it is not applicable to new build properties. The deposit amount is clear and achievable, and you may already be closer to the savings target than you think! £5K provides a realistic and definitive savings target whilst you continue renting.
4. Family Support Mortgages
Not everyone has access to family support, but for those who do, family-assisted mortgages can provide another route onto the property ladder.
Family Building Society's ‘Family Mortgage’, for example, allows a parent or close family member to support your mortgage application, either by acting as a guarantor or by providing savings/property as security.
Why it may appeal to tenants:
- You may be able to borrow more, if you have parents or close family members who would like to help
- You may need a smaller personal deposit
- It can help if your income is strong but your savings are limited
Mortgage Options for Current Tenants: A Quick Comparison
| Option | Why tenants may like it |
| 0% Deposit | No deposit required |
| 2% Deposit | Smaller savings target |
| £5K Deposit | Clear, achievable goal |
| Family Support | Extra help from family |
Why this matters in Horsham and Southwater
Our local property market remains highly desirable, with excellent schools, transport links, green spaces and strong community appeal.
Many tenants choose to rent here because they love the area, or require the excellent commuter links to London and Gatwick, but assume ownership is not realistic.
In reality, if you are already successfully and consistently paying rent each month, you may be in a stronger position than you think.
Discover What's Possible
A conversation costs nothing, and even if you're not quite ready today, you'll gain a clear understanding of which steps could help you move towards home ownership in the future.
If you are currently renting in Horsham, Southwater, Broadbridge Heath, Billingshurst, Mannings Heath or the surrounding villages, the best first step is not to assume you cannot buy.
Instead, find out:
- How much you could borrow
- Which mortgage options you may qualify for
- What deposit you would realistically need
- What monthly payments could look like
If you have been renting and assuming buying is ‘not for people like me’, it may be time to check the facts. You may be closer to owning your own home than you think.
p.davies@aboutmortgages.co.uk 01403 283928
Author: Rachel Birrell-Gray, Group Marketing Coodinator