Conroy, 32, and his partner Amber, 28, have become first-time homeowners in Swinton, on the outskirts of Manchester, by using a mortgage that covers 100% of the property value. This type of mortgage, known as a "Track Record" mortgage, is offered by Skipton Building Society and allows buyers to purchase a home without saving for a deposit. The couple previously rented in central Manchester and now own a four-bedroom home for £242,000. Their monthly payments of £1,500 are about the same as their previous rent. Conroy is aware of the risks, including the possibility of negative equity, but he believes the local property market will remain stable. Across the UK, the number of mortgages with deposits less than 10% of the property’s value has reached its highest level since 2008, according to the Bank of England. In response to rising house prices and the challenges of saving for a deposit, major lenders like Lloyds, Santander, Skipton, and Yorkshire Building Society have introduced mortgages that cover up to 100% of a property’s value. These loans usually have higher interest rates and are not available for all types of properties. Borrowers are advised to understand the risks involved, including the potential for higher payments if interest rates rise. In Rhuddlan, North Wales, Bronya, 27, and her partner George, 29, also used a low-deposit mortgage to purchase a four-bedroom house. Lloyds provided a £258,000 loan covering nearly 98% of the property’s value, with a £5,000 deposit. Their mortgage has a fixed interest rate of 5.89% for five years, and their monthly payments of £1,400 are similar to what they paid in rent. Instead of using their savings for a larger deposit, they chose to invest in renovations, believing the upgrades will increase the home’s value. They plan to live in the house for the rest of their lives. David Hollingworth, an associate director at mortgage brokers L&C Mortgages, notes that today’s low-deposit mortgages include stronger affordability checks than those that contributed to the 2008 financial crisis. For example, Skipton’s zero-deposit mortgage requires borrowers to show a history of regular rent and credit payments, while Lloyds’ £5,000 deposit mortgage is not available for new-build or shared ownership properties. Hollingworth emphasizes that some borrowers have good financial stability but struggle to save for a deposit due to high living costs and rent. He advises potential buyers to carefully consider their monthly payments and the risks of future interest rate increases.