100% Mortgages

tek-monkey

If you'd asked this question in April there was the ownhome scheme, but thats closed now. There are similar schemes around but only for new builds from what I can see, and I'd never want to owe 100% on a new build because of the depreciation that usually happens over the first few years.

djtyphoon

Will look into that. I appreciate that depreciation is a problem but that may be a way forward I suppose. Thanks

Fire_Fox

djtyphoon wrote: »

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.

Most people have provided constructive answers, it's just they aren't all what you want to hear. In my area flats are worth two thirds of 2007, so even FTBs with decent deposits are trapped in negative equity, never mind those who took out 100% mortgages. Some of us remember back to the early nineties where people were leaping on the property ladder only to be repossessed as interest rates rose.

Milliewilly

If you are in a secure job and young with good prospects of increasing earnings then there's nothing wrong in principle with a 100% mortgage providing you are realistic that you could have negative equity instantly that will be a millstone round your neck if you want to sell i.e you couldn't.

The problem is as a FTB the house / flat will inevitably not be suitable for you in a few years time and unless prices rise you can't do anything about it so you need to look at things for the long term.

At the moment there's no 100% mortgages so you haven't any choice but to wait and save.

adg1

I want to buy a house. I live in London, in a nice, leafy borough with very good schools for my 2 year old to go when she reaches that age. ITs 10 minutes drive to my work and within 30 minutes of where my wife works. Its the perfect location for my family.

I can't afford afford to buy a house. I can afford to rent a lovely property, with a garden in easy reach of both our offices. I even earn a decent salary, coupled with the wifes earnings.

I will, therefore, have to wait to buy a house.

Its not a divine right to buy a property and as FireFox says you need a good whack of savings to cope with the cost of owning a house if anything changes the status quo. Owning a property is something you earn - by saving hard and making tough choices about the type of lifestyle you want to have.

djtyphoon

adg1 wrote: »

I want to buy a house. I live in London, in a nice, leafy borough with very good schools for my 2 year old to go when she reaches that age. ITs 10 minutes drive to my work and within 30 minutes of where my wife works. Its the perfect location for my family.

I can't afford afford to buy a house. I can afford to rent a lovely property, with a garden in easy reach of both our offices. I even earn a decent salary, coupled with the wifes earnings.

I will, therefore, have to wait to buy a house.

Its not a divine right to buy a property and as FireFox says you need a good whack of savings to cope with the cost of owning a house if anything changes the status quo. Owning a property is something you earn - by saving hard and making tough choices about the type of lifestyle you want to have.

Yeh, I guess we are in similar situations. Thanks for your input. Gonna see where I can save even more and go from there I guess.

All the best

Running_Horse

Could you both get part time jobs for a couple of years?

You'd be too busy to spend anything as well.

tek-monkey

If you can find an evening job that'd help loads, I found when working at a nightclub I stopped going out even on my nights off. Saved a packet! Shame there then followed a downward spiral that destroyed my savings, but you live and learn

Its always a treadeoff between nesting instincts and lifestyle choices. I firmly believe that the older you get, the more it swings away from your social life.