Wanting to move: Excellent credit rating but no deposit

MartinLB

Hi

I suspect I already know the answer, but...

Does anyone have advice for a couple who couple who really want/need to move from a flat to house, have a very reasonable income, excellent credit rating but no deposit due to the recent market drop - we brought with a 100% mortgage in April 2005, and the markets have returned to April 2005 prices!

Thanks

Martin

_Andy_

If you don't have a deposit you're not going to be able to buy.

Trying_to_be_good

The only realistic advice is to save - either for a new deposit and fees, or a combination of new deposit/fees and overpaying on your current mortgage. Aim for at least 10% deposit/equity on the new purchase price, plus your fees.

In the 'current climate' many would recommend you also have a savings safety blanket of 3-6-9 months outgoings, dependent on the security of your jobs.

SelbyJay_2

My partner and I are in the same position. I have got equity in my current property (about £8k) but it is still extremely frustrating that we're stuck in the flat when we really want a house : (

Bring back the 95% mortgage!!

Thrugelmir

MartinLB wrote: »

Hi

I suspect I already know the answer, but...

Does anyone have advice for a couple who couple who really want/need to move from a flat to house, have a very reasonable income, excellent credit rating but no deposit due to the recent market drop - we brought with a 100% mortgage in April 2005, and the markets have returned to April 2005 prices!

Thanks

Martin

If you can afford to move then you have savings. Use these to pay down the mortgage and find everyway possible to overpay it as well.

Its amazing what can be achieved if you really put your mind to it.

There's no easy answers just hard work.

Jonbvn

SelbyJay wrote: »

Bring back the 95% mortgage!!

Have you seen what happened the last time they did?

V.Lucky

Even 90% mortgages are quite rare these days, as others have said save or pay off more of your mortgage to make sure you have equity in your property.

Best of luck.