The Right Mortgage & Protection Network has added Gable Mortgages to its lender panel, giving member firms access to two zero-deposit residential mortgage products aimed at first-time buyers and existing homeowners with limited equity.

Gable, a trading name of Gemini Consultants Limited, has entered the market with two five-year fixed-rate mortgages available at 100% loan-to-value (LTV), covering standard residential properties and new-build homes.

The products are intended for borrowers who can meet mortgage affordability requirements but may struggle to accumulate a deposit, as well as existing homeowners without sufficient equity to fund their next purchase.

Both mortgages are available to eligible first-time and next-time buyers in England and Wales, subject to the lender’s credit assessment, affordability checks and eligibility criteria.

ENHANCED AFFORDABILITY FOR KEY WORKERS

Gable’s lending criteria include enhanced income multiples for key workers, allowing borrowing of up to five times income where one applicant qualifies and 5.5 times income where both applicants are key workers.

The lender also applies a lower minimum income requirement for borrowers meeting its key worker criteria.

Its new-build mortgage, provided through Own New, includes flats among eligible properties. Customers do not pay a product fee, with the developer meeting the cost instead.

For the first four weeks after launch, distribution of the new-build product through Own New will be restricted to Barratt Redrow, including David Wilson Homes.

Gable operates exclusively through mortgage intermediaries, with the panel agreement extending distribution of its products to member firms of The Right Mortgage.

ADDITIONAL OPTIONS FOR ADVISERS

Victoria Clark (pictured), head of lending at The Right Mortgage & Protection Network, says: “Saving the deposit required to purchase a home remains one of the biggest barriers facing many would-be buyers, and that is particularly the case for those who may already be paying significant amounts each month in rent while also trying to build up their savings.

“Adding Gable Mortgages to our panel gives our member firms another option to consider for clients in this position, including both first-time buyers and those looking to move who may not have sufficient equity in their current property.

“The 100% LTV proposition is clearly a key part of this, but we are also pleased to see the additional affordability options available to key workers and Gable’s specific new-build offering.”

Clark also points to the importance of maintaining a broad lender panel as borrowers’ circumstances become more varied.

Lisa Crane, mortgage operations director at Gable Mortgages Limited, says: “We’re proud to partner with The Right Mortgage & Protection Network as we launch Gable’s new 100% LTV mortgage.

“Its adviser community plays a vital role in helping customers navigate the mortgage market, and this partnership will make an innovative new option available to more first-time buyers who can afford the monthly repayments but may be held back by the challenge of raising a substantial deposit.”