want mortgage but no deposit

lyndata

My partner and I have found a house we really want. Its £80000. We have no deposit and know there is no such thing now as a 100% mortgage. We earn between us £28000 a year. Is there anything we can do?

opinions4u

Save £8,000 or more.

Plus legal, valuation and product fees.

Sorry.

Lenders want ensure that you have a personal stake in the property, as statistically people who put down a deposit are less liklely to default on their payments. Additionally, if values fall and the lender has to repossess the property your deposit will minimise their losses.

While you can check out sites like www.moneyfacts.co.uk for the best deals, you won't find anything today that requires less than a 10% deposit. Better rates come along if you have a 15% or 25% deposit.

Save save save!

jintynetty

I don't know where you live but I know that in Scotland there is a thing called the "Lift Scheme" where the Government pay between 20 and 40% towards the price of the property, therefore there is no need for a deposit. You do not have to pay rent for the amount invested it just means that if you sell the property then the Government reclaim the amount the percentage they have paid - i.e if the house sells for more then they get more money; or if the house sells for less then they get less! I think in England there is a similar scheme called "Homebuy" but not 100% sure - maybe worth checking.

SelbyJay_2

There are also homebuy schemes (which are not a load of rubbish, contray to what some ppl on this forum think), which help FTBs get on the ladder with no deposit.

hoggums

You can't afford the house. Forget about it and save.

skiTTish

If you can get your hands on 4 k and have a relative with 16k who is willing to use that money as a kind of guarantee on the mortgage ( the money is release after 3.5 yrs provided the mortgage is 90% of the house value by then )then you could consider a 'Lend a hand ' mortgage .