first time buyer

Chris_Zulu

hello,

some of the experts on here will either help out, or shun what im about to ask, but either way, please take it easy on me!

i know very little about mortages, and this is why i havnt even been to a bank and made any enquiry about one.
im 22, full time working and in a secure job with a good salary.
i have heard about schemes banks have done for young professionals to help them onto the housing market which allows us to get a mortgage easier, and even 100% mortgages.

im just wondering, with the current climate if these things are still around? i would like to get myself a house, especially now that house prices have dropped, but i just dont have the deposit that is needed...

i should have a good or very good credit rating too.

any advice, please please help me :-)

thanks!

Chris

ScRiMpNsAvE_2

Have you read the section on Mortgages / Mortgage Guide PDF?

http://www.moneysavingexpert.com/mortgages/mortgage-guide

http://www.moneysavingexpert.com/redir/bb99b1ad

Berkshiregirl

No 100% mortgages available I'm afraid...

Your options are to either save for a deposit (10%+ of house value) or to go into a shared ownership scheme (which most people on here would warn you off).

Don't worry though, house prices will continue to drop for the next few months - we're not at the bottom of the market yet, so houses you see now will be cheaper yet.

Chris_Zulu

thanks, i will give that a read on the weekend.
its just the fact of the deposit. with the 'budget' being released, is there any help for people like myself?

Turin_Turambar

ScRiMpNsAvE wrote: »

Have you read the section on Mortgages / Mortgage Guide PDF?

http://www.moneysavingexpert.com/mortgages/mortgage-guide

http://www.moneysavingexpert.com/redir/bb99b1ad

Thanks for the links

herbiesjp

No 100% mortgages

The bigger the deposit the better the deals I'm afraid

No deposit = no mortgage

You might want to talk to a whole of market adviser, as they will be able to discuss your optiosn at different levels and could indicate the way to go.