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100% 1st time buyer mortgage
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nottooshabby
Posts: 11 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.
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Comments
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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 hereI am a Mortgage AdviserYou 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.0 -
Thanks for that. never heard of it before. may look into it further.0
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Homebuy and other shared ownership schemes are a scam. Avoid.poppy100
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nottooshabby wrote: »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.0 -
I am a Mortgage AdviserYou 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.0
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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.0 -
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.0 -
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 MADEHi, 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 ForumTeam0 -
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 answer0
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