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Morgage with no desposit?
postie-65
Posts: 55 Forumite
Is it possible will need a morgage for 90k to buy a place got a long term job which is contracted. Earnings at mo is just over 15k a year with option of earning more regularly is it possible?
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Comments
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Hi postie,
100% mortgages are available and you'll find some best buys on the links [moneyfacts/moneynet etc] in the mortgage section of the site. 5-10% deposit gives you a much better rate though and I seriously doubt you'll find any lenders willing to go to 6x salary.
The way forward might be to start working that overtime and save it for a deposit so you reduce the amount you need to borrow and at the same time increase you're proveabe earnings for when you come to apply. For example, if you increase your earnings by extra work to £20K and have a £5K deposit, the £85K you'll now need to borrow is only 4.25x your earnings - much more do-able IMO.
HTH.0 -
As far as I'm aware there are no 100% lenders who will allow you to borrow so much on your salary.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.0
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