No more 100% mortgages, so whats the highest for a FTB?

dobbie82

As I am expecting my 3rd child in a few weeks, we need to move to a 3 bed place, Seen a house for sale in the village I grew up in for only 95k (3 bed semi) I can afford £650-700ish a month towards the mortage, (rent is about that for a similar sized places i've looked at) Assuming I have to work til I am 68 (41 years time) I should be able to get a 30 year mortgage?

but... i have no deposit. I could raise a could of thousand maybe but that would all go on fees etc. If I saved £200 a month, would take about 5 years to raise the 10% deposit and to cover fees.

is there any company that would lend 95-98%

Sorry if it sounds waffly!

maninthestreet

No deposit means no mortgage, unfortunately. Maybe someone else on here will prove me wrong.

Cat695

why would you want to put yourself in such a bad position anyway??

HangTime

Even if you could find a deal at the 98-100% range, from what I've seen the fees/rates are likely to be very uncompetitive.

Shared ownership might be one avenue you could explore.

_Andy_

Bottom line is you're not going to be able to buy at the moment. You don't have a deposit nor sufficient costs for legals, valuation, moving in costs, contingency, etc.

circuit

The Yorkshire Bank advertise 95% mortgages although we applied with no credit problems evident and it was refused when referred - so I would question whether anyone is actually getting these confirmed at the moment.

robin_banks

Even shared ownership mortgages will require a deposit, there was one lender - Kent Reliance Building Society who offered 100% shared ownership mortgages, you'll need to go through a broker, the fees are about £1000

Robert_Sterling_3

dobbie82 wrote: »

As I am expecting my 3rd child in a few weeks, we need to move to a 3 bed place, Seen a house for sale in the village I grew up in for only 95k (3 bed semi) I can afford £650-700ish a month towards the mortage, (rent is about that for a similar sized places i've looked at) Assuming I have to work til I am 68 (41 years time) I should be able to get a 30 year mortgage?

but... i have no deposit. I could raise a could of thousand maybe but that would all go on fees etc. If I saved £200 a month, would take about 5 years to raise the 10% deposit and to cover fees.

is there any company that would lend 95-98%

Sorry if it sounds waffly!

You do not sound waffly at all Dobbie.
However you do talk about "We" but we hear nothing of your significant other such as OH DH or what have you?

dobbie82

Hi thanks for the replies, I do have an OH... DH when he behaves :-)

He works full time and his job is safe. Earnings between us come to about 35k-40k a year depending on bonuses (hence looking at houses in the sub 100k range)



I know it is probably a pipe dream to own our own home, just fed up of renting and if a house can be bought for the same monthly cost as rent I just wanted to look into it. Least then we'd be free to paint a nursery etc.

ixwood

No mortgage might be a blessing in disguise. Prices are dropping huge amounts at the moment and will more than likely keep dropping for a couple of years at least.

You've got time to save like crazy and have the rare opportunity of buying at/near rhe bottom in a few years time.

Current 130-150k properties might be within your reach then.

And any money saved on buying is doubled or even tripled as you don't have to pay interest on it.

Jonbvn

The government has just declared that 100% mortgages are to be stopped.

http://www.telegraph.co.uk/finance/personalfinance/4743445/Gordon-Brown-to-bar-100pc-mortgages.html