We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

100% 1st time buyer mortgage

Options
Is there such a thing as a 100% first time buyer mortgage nowadays? It's the only way I'll every afford a home probably.
«1345

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Er no

    You could try via the My Choice Open Market HomeBuy scheme which could potentially help you with an equity loan which you could use as a deposit, but you would need to read up on all the information:

    Try here
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thanks for that. never heard of it before. may look into it further.
  • poppy10_2
    poppy10_2 Posts: 6,588 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Homebuy and other shared ownership schemes are a scam. Avoid.
    poppy10
  • ad9898_3
    ad9898_3 Posts: 3,858 Forumite
    Is there such a thing as a 100% first time buyer mortgage nowadays? It's the only way I'll every afford a home probably.

    Dear god, have you been in suspended animation for the past 18 months ?, If there was, and thankfully there isn't, you would be signing you own financial death warrant. Seriously, if this post is genuine, I'm stunned.
  • ad9898_3
    ad9898_3 Posts: 3,858 Forumite
    herbiesjp wrote: »
    Er no

    You could try via the My Choice Open Market HomeBuy scheme which could potentially help you with an equity loan which you could use as a deposit, but you would need to read up on all the information:

    Try here

    Scam and financial suicide.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    ad9898 wrote: »
    Scam and financial suicide.

    Lobby the government for its removal
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • michael1983l
    michael1983l Posts: 1,916 Forumite
    poppy10 wrote: »
    Homebuy and other shared ownership schemes are a scam. Avoid.


    Absolute rubbish. There are at least 2 GOVERNMENT RUN schemes that do not rip you off. The fact on one of them you can buy a house with an equity loan and pay no interest at all if you raise the capital within 5 years to purchase it.



    HOW IS THAT A SCAM?


    if the house price drops you can have it reevaluated and your loan drops.

    If your house price goes up and you are not moving home between 4 and 5 years in you can re-pay the original amount borrowed.


    Please explain how this is a scam as I am struggling to see anything but posatives to it from a point of view of somebody who would never get on the ladder without it.
  • wharty
    wharty Posts: 426 Forumite
    Of course you will be able to buy a house in the future.
    SAVE A DEPOSIT.
    And no there are no 100% mortgages on the market.
  • Wutang_2
    Wutang_2 Posts: 2,513 Forumite
    wharty wrote: »
    Of course you will be able to buy a house in the future.
    SAVE A DEPOSIT.
    And no there are no 100% mortgages on the market.

    I think this point HAS BEEN MADE
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • michael1983l
    michael1983l Posts: 1,916 Forumite
    wharty wrote: »
    Of course you will be able to buy a house in the future.
    SAVE A DEPOSIT.
    And no there are no 100% mortgages on the market.


    Ok lets run some figures......


    My mothly rent is £650 quid,

    My mortgage would be £550 quid,

    I have £200 spare to save because of high rent a month

    20% deposit on £135,000 house = £27,000

    That would take me 135 months or 11 years to save assuming house prices dont increase in which time I could have paid £74,250 off my mortgage.


    So how is saving a deposit for a house better than going on a government scheme. I am still waiting for a reasoned answer
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.