home
in

100% Mortages? 1st time buyer? NO DEPOSIT?

Last post Sun, Aug 21 2011, 1:33 PM by Zeb. 8 replies.
Sort Posts: Previous Next
  •  Sun, Aug 21 2011, 1:33 PM

    Re: 100% Mortages? 1st time buyer? NO DEPOSIT?

    QL:Maybe you should look at ways of reducing your out goings in order to save a deposit. I.e. look at lowering your mobile phone tariff or go PAYG, maybe buy supermarket own brand instead of leading brand, don't buy lunch at work make your own sarnies. Ok some of that may not apply to you but you see what I'm getting at.

    Not quite sure where you got the £340 rent from but I do agree that sacrifices have to be made in order to get a mortgage nowadays and it will be unlikely to get any cheaper once the house is your anyway.

    Lenders will only generally take on someone they feel is a good risk and someone who won't bother to save to find a deposit and just wants an easy way into the property market is not generally considered a good risk and as such there are no 100% mortgages. However, the mortgage market is becoming more competitive and I really do think it is only a matter of time till the high street bank makes a 95% mortgage available to everyone (a few niche or local building societies do at present) and once that happens it is only a short step to 100% nd the next thing you know we will be offering 125% mortgages again.

    Forgive me but I personally think that if you cannot show enough commitment to place at least a 10% deposit down on the house then how can a lender think you have enough commitment for a 25 year loan. Better to save and place a deposit now than to wait 2-3 years when house proces are 20%-30% higher

    • Post Points: 5
  •  Sun, Aug 21 2011, 10:34 AM

    Re: 100% Mortages? 1st time buyer? NO DEPOSIT?

    "Totally baffled?".... Your not the only one. If your rent is only £340 a month how are you not able to save anything?

    Maybe you should look at ways of reducing your out goings in order to save a deposit. I.e. look at lowering your mobile phone tariff or go PAYG, maybe buy supermarket own brand instead of leading brand, don't buy lunch at work make your own sarnies. Ok some of that may not apply to you but you see what I'm getting at.

    • Post Points: 20
  •  Sun, Aug 21 2011, 7:52 AM

    Re: 100% Mortages? 1st time buyer? NO DEPOSIT?

    At present there are a few 100% mortgages available in the UK but the ones that are avilable mean that your parents will have to put a 20% charge against their own house in the event that you default on the loan. There is 1 genuine 100% mortgage but it is only available to residents of Northern Ireland on properties in Northern ireland.

    Other than that it is a matter of saving and finding a deposit but watch this space because I think it is only a matter of time before the first real 100% mortgage appears again....maybe only a matter of months

    • Post Points: 5
  •  Sat, Aug 20 2011, 9:22 PM

    Re: 100% Mortages? 1st time buyer? NO DEPOSIT?

    i like to buy 2 or 3 bedroom house and im fulltime worker i earn 1500 hundred amonth but i have not got any money for depset and i really need some advice or help because i keep paying rent i like have my ouwn house?thanx for any help from you.
    • Post Points: 20
  •  Tue, Feb 24 2009, 10:10 PM

    Re: 100% Mortages? 1st time buyer? NO DEPOSIT?

    my partner and i are in a similar situation we only have a 5% depost saved and as first time buyers are finding getting a house a struggle. my only suggestion is try your local housing association and see if they have any ftb incentive schemes. we live in kent and have applied via moat housing association (www.moat.co.uk) for several of their schemes. as well as shared ownership they alsodo equity loans called open market homebuy or newbuild homebuy. These mean u can get a loan from the housing association on which you pay interest alongside a mortgage. you use the equity loan as a deposit so you dont need one of your own although you do need some money (approx £3,500 i think) for solicitors fees etc.

    http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/HomeBuyingSchemes/DG_066591

    check out the above website to see if you qualify and for local schemes/associations in your area if your interested.

    hope im not teling you something you already know :)

    • Post Points: 5
  •  Tue, Feb 24 2009, 6:32 PM

    Re: 100% Mortages? 1st time buyer? NO DEPOSIT?

    Be very careful of shared ownership properties. The vendors often overvalue the houses at anything up to 50% more than similar properties in the area.
    • Post Points: 5
  •  Tue, Feb 24 2009, 4:47 PM

    Re: 100% Mortages? 1st time buyer? NO DEPOSIT?

    hi, i've had a couple off meetings with a mortgage adviser over the last few weeks and he has confirmed that no one is offering 100% mortgages, right now it looks like 90% is the best you could get. it was free to talk to him, we just found a house we liked and rang the estate agents and they put us in touch with him. if you do speak to one make sure they are independant otherwise they might offer you less than the best deals because its with a partner bank or whatever.

    have you considered looking into part buy part rent? think you can start with as little as 25% ownership and work up?

    its a nightmare for first time buyers - i don't know, prehaps it always has been,but i have never been so confused about something - there is so much to take in!!! whatever you end up doing i would defnately recommend that chat with the mortgage adviser!!

    good luck!

    cassie

    • Post Points: 20
  •  Tue, Feb 24 2009, 4:12 PM

    Re: 100% Mortages? 1st time buyer? NO DEPOSIT?

    In my opinion you should save up a deposit and then talk to a mortgage advisor. You should also avoid any complicated schemes.

    • Post Points: 5
  •  Tue, Feb 24 2009, 3:28 PM

    100% Mortages? 1st time buyer? NO DEPOSIT?

    Hi,

    Totally baffled? Totally close to giving up?

    Yes, I want to buy a house, NO I dont have a deposit?

    I know at this economic time this is probably not going to be easy but does anyone, anywhere know of any 100% + mortgages??

    I am 30yrs old, in full time employment, single, earning just over £20k per year. I have nothing to invest as I've never been in a situation where I was able to save anything that was spare? I've been renting shared accommodation through a friend at £340/mth which includes rent & council tax but this will shortly be coming to an end. Having looked at other rented accomodation in the area I'd be looking at £360 upwards per month just for renting so would like to "invest" in a property by buying as apposed to throwing money away again!

    I've seen a couple of properties for sale ranging between £60k and £75k which I think could be within my scope of mortgage repayments.

    However, I equally dont understand a thing about mortgages, which type is best, etc.

    ANY ADVICE of ANY DESCRIPTION would be VERY gratefully received.

    Thanks

    • Post Points: 80