Mortgages without a deposit?

olly300

rovers808 wrote: »

if you're that desperate to get hold of the money now, you'll have to do yourself what the companies giving 100% or more were doing - 95% mortgage and 5% or more fixed loan. If you can get yourself a sizeable personal loan then theres your deposit so you can get the rest of the money as a mortgage (obviously the personal loan couldnt be secured as you dont have a property yet!) A gamble, but the only way you will get the money now.

At an extremely high interest rate.

WhileOP you may have this opportunity now due to a falling market and the fact that properties will also have to sold you are better of saving hard for 2 years. After that time you will have a much better choice of mortgage products particularly if you managed to save a large deposit. Also the property you want will be cheaper.

Coveredinbees!!!!

How about selling some of the stuff you have spent your high disposable income on maybe???

rovers808

olly300 wrote: »

At an extremely high interest rate.

Well I assumed that was a given - even a 95% mortgage will be at an unfavourable rate but yes a personal loan will also be at a high rate, but thats the price you pay if you cant wait or you dont have a deposit. Bear in mind the amount each month you'd have to pay back will be a lot more than you will be reading about. The 2% base rate the BoE set is not available to people unless you have approx a 40% deposit and even then you wont get close to 2%

The_Banker_5

If I wanted to sell my house and a first time buyer came along I would pay the 5% deposit for them.;)

gt568

Coveredinbees!!!! wrote: »

How about selling some of the stuff you have spent your high disposable income on maybe???

That's helpfull. Not really answering my question either. Jog on.

gt568

DelBoyPhil wrote: »

i laugh at the people that took a 125% mortgage and now cant pay it. and will try and get help from the state.. idiots.

How is this related to my question?

Kavanne

gt568 wrote: »

That's helpfull. Not really answering my question either. Jog on.

Surely a quick way to raise a deposit if you DO have some expensive stuff?

Sorry but unless you have some way to raise a deposit it ain't gonna happen!!

bfgun

How about getting yourself a 0% credit card (12-18 months deals are currently available) transfer as much of the credit your receive as a balance transfer to your bank account and then put aside the money to be repaid on the credit card in a savings account over the next 12 - 18 months paying the minimum amount due on the credit card.

You can then use the balance transfer money as your deposit depending on A) how much the credit card issuer gives you as a credit and how much you need for a deposit.

Out of curiosity what line of business are you in where your job security is secure?

Wutang_2

gt568 wrote: »

How is this related to my question?

Have a wild guess

maninthestreet

gt568 wrote: »

That's helpfull. Not really answering my question either. Jog on.

There are no 100% mortgages currently available. You need a deposit. That's the answer to your original question.
You chose to spend your high disposable income rather then save it.
You traded off 'saving for the future' for 'spending money now'.
That was your choice. As a result, you now can't secure a mortgage you need as you have no money in the bank for the deposit. You made your bed, you have to lie on it. Selling some of the goods you bought in the past with your high disposable income might be a way to raise the cash needed for the deposit.