100% Mortgages

tek-monkey

PasturesNew wrote: »

If you're both working, then you should be able to save most of the 2nd person's salary.

That is a good point, I was having problems as a single person. I could fund a rented place and all that is needed with that on my own salary, but have little left to save. If there are 2 of you it should be a lot easier. As said, I chose to house share instead to minimise my bills.

jamief

100% mortgages will never come back in our lifetimes, and nor should they.

misskool

If you can't afford to save for your house deposit, can you afford it when something breaks in your house and you have to shell out £3k in a month?

Milliewilly

Do you both have cars or other assets you could sell for the deposit?

Fire_Fox

djtyphoon wrote: »

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.

As Pastures says, make use of the DFW board. Read the thread entitled 'Live on £4k for year' for inspiration - note that is an entire families outgoings after rent/ mortgage and council tax. Just because you can afford the mortgage does not mean you can afford to be a homeowner.

Once you have your own home you will need savings of three months salary to pay for the boiler breaking down over Christmas, mortgage repayments if you fall pregnant with twins unexpectedly, get made redundant, have a car accident and can't work for six months.

bumpoowee

jamief wrote: »

100% mortgages will never come back in our lifetimes, and nor should they.

As much as I wish this was true, I wouldn't count on it. The general public are too stupid to learn anything from this mess (all the more so as Gordon Brown has sold out savers and future generations to protect them from the consequences), and as soon as one ill-advised bank offers a 100% mortgage they'll all be doing it again.

puddy

i agree, and in some cases where managed in the right way, theres nothing wrong with them intrinsically. its the same as borrowing money to buy a car, you might borrow the whole amount and the price of the car is definately going down, not up

poppysarah

The biggest issue with a 100% mortgage is that people are so reluctant to save and show they are sensible with money.

hoggums

I despair that you cannot see that you are exactly what's wrong with the "I want it now" generation that has no savings or pension that my poor children are going to have to support when you reach retirement.

djtyphoon

Wow thats amazing. You have no idea who I am and decide to pass Judgement on me immediately. I am disappointed. We are saving as much as possible at the moment and I have always been brought up to work hard and save for everything I have. I am just finding it extremely difficult to save enough for a deposit at a fast enough rate! All I asked for was a quick, are 100% mortgages available if so where? That was it. We are looking at all of the options to be able to get out of the rental situation! Thanks to everyone who has provided constructive answers.