Until last year, Conroy, 32, and his partner Amber, 28, saw little prospect of owning their own home.
asserted
Conroy → see → home
They were renting in central Manchester where they work and could not afford to save up for a deposit.
uncertain
they → rent → deposit
Then they came across a relatively niche, and some experts say riskier, type of mortgage that offered a solution.
asserted
that → come → solution
The Track Record mortgage from Skipton Building Society covers 100% of the value of a property, with the borrower paying nothing upfront.
asserted
borrower → cover → nothing
Borrowers must meet strict eligibility checks and pay a higher interest rate - in Conroy and Amber's case 5.33% fixed for five years - but they were happy to do this.
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they → meet → this
And in August they bought a four-bed home for £242,000 in Swinton on the edge of Manchester.
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they → buy → Manchester
"I don't think it's dawned on us it's really ours," says Conroy, a video editor.
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Conroy → think → us
According to the Bank of England, the share of UK mortgages with deposits worth less than 10% of the property's value is currently the highest it has been since 2008, external when such loans were widely available.
uncertain
loans → accord → 2008
It comes as lenders such as Lloyds, Santander, Skipton and Yorkshire Building Society have launched a raft of new mortgage deals over the last few years covering upwards of 95% of the value of a property, and in some cases as much as 100%.
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lenders → come → cases
They say they want to help first-time buyers get on the housing ladder as property prices continue to rise and while saving for a deposit remains a struggle.
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saving → say → deposit
But these loans tend to charge higher rates, aren't available for all types of property or borrower, and come with risks customers should be aware of.
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customers → tend → risks
Conroy and Amber, a solicitor, have a 25-year loan with monthly repayments of £1,500 - roughly what they were paying in rent.
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they → have → rent
He says they feel comfortable with the higher cost because they "earn quite well" and expect their salaries to rise.
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salaries → say → cost
But he is aware there is a greater risk of falling into negative equity with a no- or low-deposit mortgage.
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he → be → mortgage
That is when the value of a property falls below the value of the loan still owed on it - leaving the borrower with potentially painful costs if they suddenly have to sell.
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they → fall → costs
Conroy says they plan to overpay their mortgage for the first five years to build up more equity in their home.
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they → say → home
"There is always the element of a gamble with the property market," he says.
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he → be → market
"But I have researched the area we moved to and don't think house prices are going to drop."
'We plan to stay here our whole lives'
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We → research → area
Twenty-seven-year-old Bronya and her partner George, 29, also used a low-deposit mortgage to buy their four-bedroom house in Rhuddlan, North Wales in August.
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Bronya → use → August
Lloyds lent them £258,000 - roughly 98% of the property's value - over a 33-year term and they only had to put down £5,000 as a deposit.
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they → lend → deposit
The couple pay an interest rate of 5.89%, fixed for five years, equating to monthly repayments of £1,400 - about the same as what they paid to rent a one-bed flat before.
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they → pay → flat
Bronya, a civil servant, says they could have put down a bigger deposit but wanted to use their savings for a renovation project costing upwards of £20,000.
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they → say → 20,000
They are aware of the risks of negative equity but believe the refurbishment will boost the value of their home.
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refurbishment → believe → home
"We also plan to stay here our whole lives," George adds, explaining that they are prepared to ride out any dips in the property market.
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they → plan → market
Widespread uptake of low-deposit mortgages by borrowers who could not afford them was seen as a major factor in the 2008 global financial crisis.
But today's deals have much stronger affordability checks and do not pose the same risks, says David Hollingworth, associate director at brokers L&C Mortgages.
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Hollingworth → afford → Mortgages
Borrowers of Skipton's zero-deposit mortgage, for example, have to prove they have kept up with their rent for at least 12 consecutive months and credit payments for the last six months.
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they → have → months
And Lloyds won't issue one of its £5,000 deposit mortgages for new-build properties and shared ownership homes.
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Lloyds → issue → properties
Hollingworth says lenders are recognising that some people have "good affordability but may be struggling to save for a deposit while paying a rent and dealing with cost of living pressures".
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people → say → pressures
Following a recent rule change, he adds, lenders are also offering more "flex" on how much someone can borrow as long as it's within their means.
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it → follow → means
Nevertheless, he urges borrowers to use common sense.
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he → urge → sense
"Think carefully - what do monthly payments look like?
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payments → think → what
Are you aware that interest rates could go up?"
uncertain
rates → go → ?
The Aporia
