who will give 100% mortgages?

system15000

hi, me and partner our looking for our first home together, we cant afford to save for a deposit and was just wondering who can give us a 100% mortgage and would the rates be higher for this?

Wickedkitten

Depends on how big a multiple you need really I think.

silverfoxdude

Good question jamie. We're in the same boat and OH is self employed also

system15000

were looking for around 95,000 both work full time and can afford to pay around 520.00 per month

Kzlnd

Rates are higher.. Ones I've seen anyway.
Natwest offer 100% mortgages but are quite strict in what they will lend you.

herbiesjp

What is your income?
What is your partner's income?

system15000

my incomes 15,500 and my oh is 13,500

Giddytimes

I took a 125% mortgage from Northern Rock with my partner a few years ago, we were very happy with it. It is called the together mortgage, i've just checked their website and they still offer this.

Be careful though, if you can't afford to save for a deposit then are you sure that you can afford the mortgage and costs that come with owning a house? Take care to make sure you have worked it all out properly and will still have spare income every month. I underestimated the costs of owning a property/buying furniture etc and thats how I ended up piling money on credit cards.

system15000

were already currently renting a property at 340.00 pm and have furniture and evrything else, we've been here 10 months. its just that we cant afford to save a deposit with being here

meanmachine_2

Giddytimes wrote:

I took a 125% mortgage from Northern Rock with my partner a few years ago, we were very happy with it. It is called the together mortgage, i've just checked their website and they still offer this.

No you didn't.

You took a 95% mortgage then were hit with a 30% unsecured loan which will doubtless take you 25 years to pay off.

If you're happy with that then you seriously need to look at your finances.

I'm afraid the OP and partner need to learn financial discipline and SAVE for a deposit. Otherwise you'll be lumbered with a muppet mortgage, like that offered by Northern Rock at some stupid rate.

Sorry, that probably wasn't that the touchy feley advice you wanted to hear. Tough. It's the best advice you'll get.

herbiesjp

On those multiples, and hopefully no other financial commitments, you are not getting many options coming up.

The ones that do are coming in above your £511 budget on a 25 year repayment basis.

I think a word with a whole of market adviser will be helpful to you