Gable Mortgages no deposit mortgage review

Gable Mortgages exclusively offers 5-year fixed-rate, no-deposit mortgage deals for first-time and next-time homebuyers. In this article, we explain how the new zero-deposit mortgage works, who can qualify and whether it's any good. We also explain how to access expert mortgage guidance* to find the right mortgage solution for your needs.

About Gable Mortgages

Gable Mortgages launched in 2024, offering specialised mortgage arrangements for borrowers without a deposit. Mortgages are provided through intermediaries only to ensure that customers receive the right guidance and focus on supporting ‘generation rent’ to become ‘generation able’.

How do Gable Mortgages' no-deposit mortgage deals work?

Although the term, ‘no-deposit mortgage’ is reasonably self-explanatory, a 100% loan-to-value (LTV) mortgage loan to cover the total cost of your property purchase price is rarely offered without additional caveats. However, Gable Mortgages’ no-deposit mortgage deals come with fewer caveats than most, meaning the deals are open to a broader range of borrowers. They offer products to first-time buyers in addition to those who have bought a property before and there is no requirement to demonstrate a history of maintaining rental payments. Gable Mortgages states, “Typically, our customers still live at home with their families or in rented places, sometimes paying more in rent than they would for an affordable mortgage.” Key workers can also benefit from higher income multiples, which could boost their affordability with Gable Mortgages, and there is a slight boost for self-employed applicants as well.

The mortgage provider offers two mortgage deals: the ‘Five-Year Fixed New Build Zero Deposit Mortgage’, which is specifically designed for new-build purchases, and the ‘Standard 5-Year Fixed Zero Deposit Mortgage’, which covers all other types of properties.

Borrowers do not need to save a pot of money for the deposit, but will still need to demonstrate that they can pay the associated costs of arranging a mortgage, such as legal fees, lender fees, valuation costs and stamp duty levies. Borrowers should also be prepared to pay a higher interest rate compared to the market average and be willing to commit to a minimum fixed-rate deal for 5 years.

The risk of negative equity remains a key concern for those arranging a no-deposit mortgage, as the homebuyer has no initial equity in the house to protect against a fall in house prices. This means that although borrowers can build equity through repayments as well as overpayments during the mortgage term, remortgaging can be difficult if house prices fall, limiting the number of options for switching to a new mortgage deal at the end of the deal period. You can read more about negative equity in our article, "What is negative equity?".

Gable Mortgages 5-Year Fixed Zero Deposit Mortgage - key features

Mortgage feature	How it works
Gable mortgage product	Standard zero-deposit 5-year fixed	New-build zero-deposit 5-year fixed
Interest rate	6.29% fixed for 5 years	5.99% fixed for 5 years
Lender fees	Fees range between £2,095 for a purchase price of £125,000 to £200,000 up to £9,995 for a purchase price of £800,000 to £1million and cannot be added to the mortgage loan	The fee is dependent on the purchase price and is payable by the property developer
Legal fees	Between £1,495 and £2,995 plus VAT	Between £750 and £1,800 plus VAT
Type of mortgage	Repayment (Capital & Interest) only
Term of mortgage	5 to 35 years
Mortgage deal period	5-year fixed-rate deal
Minimum mortgage loan value	£125,000
Maximum mortgage loan value	£1 million
Early repayment charges	Applied to overpayments in excess of 10% of the mortgage loan Charged at a rate of 5% in Year 1, 4% in Year 2, 3% in Year 3, 2% in Year 4 and 1% in Year 5
Standard Variable Rate (SVR)	Bank of England Base Rate +2.25% (at time of writing this would make the SVR 6.25%)
Maximum loan-to-income ratio	Up to 4.49 times income Up to 5 times income for key workers Up to 5.5 times income for joint key workers Up to 4.5 times income for self-employed applicants
Porting	This mortgage cannot be ported to another property

How to qualify for a Gable Mortgages no-deposit mortgage

To secure a Gable Mortgages zero-deposit mortgage you will need to meet the following requirements:

• The borrower must occupy the purchased property
• The property must be located in England or Wales
• Key workers include but are not limited to armed forces personnel, NHS clinicians, firefighters, teachers and childcare providers, public sector teachers and university lecturers, police and prison officers and bus drivers.

Gable Mortgages' qualifying criteria

Qualifying criteria	The details
Type of homebuyer	First-time buyers and home movers
Property type	Freehold houses and bungalows Leasehold flats and maisonettes Leasehold houses with a minimum of a 200-year lease
Minimum household income	£27,780 (£25,000 for key workers)
Minimum age at outset	23 years old
Maximum age at expiry	75 years old

Who cannot qualify for a Gable Mortgage?

You won’t qualify for a Gable Mortgages zero-deposit mortgage loan if you:

• Are not buying a property in England or Wales
• Are not going to occupy the property you buy
• Have a poor credit history
• Apply with more than one other person
• Are buying under a Right to Buy or Shared Ownership scheme

Alternatives to Gable Mortgages’ no-deposit mortgage

Arranging a mortgage with no deposit has been nearly impossible and most solutions required help provided by family or friends who could offer a sum of cash or income to act as extra security. However, 100% loan-to-value mortgages with no additional guarantor support have increased in numbers, albeit slightly. Here we have compared Gable Mortgages’ no-deposit mortgage with similar deals from Skipton Building Society and April Mortgages.

Gable vs Skipton vs April Mortgages - no-deposit mortgage deals

Lender	Gable Mortgages	Skipton Building Society	April Mortgages
Mortgage name	5-year no-deposit mortgage	Track Record Mortgage	No-deposit Mortgage
Maximum loan-to-value	100%	100%	100%
Mortgage interest rate	6.29% - standard 5.99% - new build	5.33%	6.25% or 6.50%
Interest rate type	5-year fixed rate	5-year fixed rate	10-year or 15-year fixed rate
First-time buyers (FTB) only?	No	Yes - at least one applicant must be FTB	No
Guarantor required	No	No	No

All rates correct as of 28th October 2025

Is Gable Mortgages’ no-deposit mortgage any good?

The pool of mortgage solutions on offer without a deposit is extremely small and if you do not have access to help from friends or the bank of mum and dad, you may find that Gable Mortgages gets you a step closer to achieving your home ownership goals. If you have owned a home before and do not meet the ‘first-time buyer’ status requirements of some other lenders, again, Gable Mortgages may open the door to mortgage success for you.

That being said, the interest rates charged for mortgages with no deposit are relatively high, meaning you may end up paying more for a mortgage loan than you might otherwise. The monthly mortgage payment on Gable Mortgages’ no-deposit mortgage would be £1,854 per month over 25 years based on a purchase price of £280,000. Saving a deposit of 5% (£14,000) could mean that your mortgage payment is more than £300 per month cheaper on a typical mortgage. That equates to £14,400 over the 5 year fixed term. This highlights the difference between Gable Mortgages’ interest rate of 6.29% for the standard option compared with the best 5-year fixed rate for a 95% LTV mortgage at 4.45%.

Pros

• Own a home more easily and quickly
• Budgeting may be easier as your monthly mortgage payment won’t change for 5 years
• You can qualify without a deposit, whether you have owned a home before or not

Cons

• Relatively high rate of interest
• Higher than usual lender fees
• If interest rates fall, your rate will remain the same during the initial 5-year period
• Early repayment charges are payable if you remortgage during the initial 5-year period
• The risk of negative equity is greater as you have no equity at the outset

Finding the right mortgage solution for your needs

Although you may feel that there are no apparent downsides to choosing Gable Mortgages’ no-deposit mortgage, it is clear that you should take advice from an independent mortgage adviser before you do so. In fact, Gable Mortgages will require that you do so, as you can only arrange a mortgage with them through a registered intermediary. Speaking with a mortgage broker who has access to the open mortgage market will ensure that you can weigh up all possible options before selecting the one that is most suited to your needs.

If you do not have a mortgage adviser, you can source one local to you using the online professional directory Vouchedfor*. It allows you to select a mortgage broker based on their specialisms, customers' reviews and the services they provide. If you intend to explore Gable Mortgages’ offerings, ensure that the broker is registered to do this with you.

Alternatively, you may wish to use online mortgage specialist, Habito*. You will not pay a fee for its services, and users can get mortgage advice, guidance and support online or over the phone, making it convenient for customers in any location. Habito has access to mortgages from over 90 lenders across the mortgage market.

 

If a link has an * beside it this means that it is an affiliated link. If you go via the link, Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses or take advantage of any exclusive offers - Habito, Vouchedfor