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100% Mortgages
djtyphoon
Posts: 7 Forumite
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
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
0
Comments
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Not back AFAIK, no bank is confident enough that prices will rise.0
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You need to rent somewhere cheaper and save for a deposit. simples.0
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You say simples, but its very hard to save for a deposit and rent. Moving back in with your parents could help a lot, or in my case house sharing to minimise bills. I know how it feels though when you could comfortably afford a mortgage with what you spend on rent, yet nobody will lend to you. The problem is with buying you get a lot of extra costs that renting doesn't present, and you can't just walk away. Your deposit is the banks insurance that they will get back what they lent you, which is why bigger deposits = better interest rates.0
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Are you registered for council housing? Rents are cheaper there.
Contact your MP to complain about high levels of rents. But watch out chances are he's a landlord profiting off high rents. *You can look up what interests your MP has btw.0 -
highest LTV I know of is 95%I'm proud of my advice, if others want to look I say enjoy the show!0
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tek-monkey wrote: »You say simples, but its very hard to save for a deposit and rent. Moving back in with your parents could help a lot, or in my case house sharing to minimise bills. I know how it feels though when you could comfortably afford a mortgage with what you spend on rent, yet nobody will lend to you. The problem is with buying you get a lot of extra costs that renting doesn't present, and you can't just walk away. Your deposit is the banks insurance that they will get back what they lent you, which is why bigger deposits = better interest rates.
If that's the case then it's a clue that you can't afford to buy.;)0 -
Duplicate thread0
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We can afford to buy its just the 15K deposit is a long way off and we would like to cease renting asap. We can afford to save but we cant save enough quickly enough.0
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Maybe you're wasting your money on tat instead of saving.
If you're both working, then you should be able to save most of the 2nd person's salary.
Look at what you're spending. Go to the debt free wannabe board and fill out an SOA and post it there, they'll let you know where you can cut back to save.
Oh - and house prices won't be rocketing again.
SOA: http://www.makesenseofcards.co.uk/soacalc.html
DFW: http://forums.moneysavingexpert.com/forumdisplay.html?f=760 -
tek-monkey wrote: »... The problem is with buying you get a lot of extra costs that renting doesn't present, and you can't just walk away... .If that's the case then it's a clue that you can't afford to buy.;)We can afford to buy its just the 15K deposit is a long way off and we would like to cease renting asap. We can afford to save but we cant save enough quickly enough.
What I said before.0
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