90% LTV mortgages on offer but I have no deposit or equity - HELP??

jamie_welch

Dear Experts

My situation is as follows:

Currently in a fixed rate mortgage for the next 1 1/2 years in a 1 bed house worth 125K with no equity.

Desperatly want to move into a bigger house worth 200k but just realised I need at least a 10% deposit so 20k!!

It will take me a few years to save this but I want to move in 6 months so I am desperatly trying to find the best way to raise 20k -Any Suggestions?

I would love to capitalise on the opportunities in this current 'great time to buy' market.

Are there any ways around these current 90% LTV offerings?

Any suggestions gratefully recieved as there must be other people in my position?
Thanks

Robert_Sterling_3

I am not optimistic about your chances during the credit crunch.

beecher

It isn't a great time to buy if you have no equity and therefore no deposit. I'd be more worried about being in negative equity with your existing house, than wanting to move up the way. Overpay your mortgage and wait til you can afford the bigger mortgage.

PasturesNew

So you're desperate for a mortgage so you can ditch a house that will lose £12k this year and pay more to live in a house that will lose £20k.

Genius.

Really, prices will be falling further. Save - if you're that keen get a 2nd/3rd job just to create that deposit.

Robert_Sterling_3

I think you have three posts now all of which indicate that what you would like to do is not on.

jamie_welch

Thanks for the feedback - Point taken