100% Mortgages

djtyphoon

Good morning.

I am in a situation where my wife and I have been renting for a few years and now need to buy. We have no deposit but really need to get out of the rent situation before the house prices rocket.

I know that before recession set in, 100% mortgages were available. Are they back? If so, where do you recommend we go to apply?

Please help,

Alex
Worcestershire

_Andy_

There are no 100% mortgages available.
You will need to continue saving and renting for the time being.

dunstonh

now need to buy

Need or want?

We have no deposit but really need to get out of the rent situation before the house prices rocket.

What makes you think they are going to rocket? House prices are still historically high against income. The recent rises could just be a false dawn. That happened many times in the 90s house price decline.

I know that before recession set in, 100% mortgages were available. Are they back?

They are gone for good. Or at least until people forget about what has recently happened.

Senior_Paper_Monitor

No 100% (and unlikley to be so in forseeable future) - and 90% tends to be tricky to get and expensive - so all the above comment/advice absolutely correct.

Consider shared equity/ownership - 100% of your share is posible in some circumstances (subject credit rating, your overall circumstances, area, property source and lender) but you still need to able to fund legal fees, moving, setting-up and other associated costs.

Not the ideal answer for everyone - but might be worth investigating.

The_Fat_el_Hombre

djtyphoon wrote: »

Good morning.

I am in a situation where my wife and I have been renting for a few years and now need to buy. We have no deposit but really need to get out of the rent situation before the house prices rocket.

I know that before recession set in, 100% mortgages were available. Are they back? If so, where do you recommend we go to apply?

Please help,

Alex
Worcestershire

Is the only reason you 'need to buy' because you 'really need to get out of the rent situation before the house prices rocket'?

Conrad

If you cannot save, then a mortgage is not suitable. I have clients that rent or have a mortgage but still manage to save. I have one guy on £150k per year that says he cannot save, yet I have a service engineer on lowly salary that always saves.

djtyphoon

We can save yes and we are currently saving as much as possible but £15000 to save is looking a long way off!

We feel that we need to buy to get out of renting and own a place before children etc. The sooner we get a place the better, we feel so that we can start paying off straight away. We also want a place to make our own, and renting we cant do that