Mortgage needed but have no deposit! Help!

Jotes21

I really need some advice, or recommendations on where to get good advice..I am working full time in Bristol on an average wage. I have a place at Sunderland Uni starting September 07 and I want to get a mortgage on a house in Newcastle before I go up there to study full-time. The problem is I don't have a deposit! I have been told that to get a 100% mortgage you have to be living in the property but if I buy a house in Newcastle now I would want to rent it out until I move uo there. If I get it just before I move up there its unlikely I could get a 100% mortgage because I won't have a job and will be studying full-time!
What my aim is, is to get a house now, rent it out until I move up there next year,then when I move up there I would rent out the other bedroom(s) which would pay the monthly mortgage charges.
Is there any way of doing this or am I living a dream world?! Is the only way of doing it to find someone with money to invest with me to pay for the deposit?!
Please help me!
Thanks!

kawilson00

Hi,

To stay within most home morgage conditions you have to live in the house you buy and 100% morgages are possible, if you want to rent it out without you living their you need a buy to let mortgage and deposite is a usually a min of 15% of house value.....