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First time buyer

LouieLegend
LouieLegend Posts: 2 Newbie
in Mortgages & endowments
Me and my girlfriend want our own place we have a income of around 36K and have seen a property for £99,950
the problem is we have no deposit what are my options?
should i wait the year or two to save a deposit
100%mortgage
parent guarantor
please help anyone!
«1

Comments

  • Cannon_Fodder
    Cannon_Fodder Posts: 3,980 Forumite
    Wait and save. There are no (afaik) 100% mortgages.

    It is not just the deposit. You will also need legal fees, mortgage arrangement fees, moving costs, etc.
  • leemuddywaters
    leemuddywaters Posts: 256 Forumite
    Louie, Im in the same boat, we've a joint of 43k with a small deposit, its hard work!
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    With no deposit - you will get no mortgage

    Only option is save as much as possible - or a gift from family
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    LouieLegend wrote: »
    Me and my girlfriend want our own place we have a income of around 36K and have seen a property for £99,950
    the problem is we have no deposit what are my options?
    should i wait the year or two to save a deposit
    100%mortgage
    parent guarantor
    please help anyone!


    Hi Louise & welcome to MSE.
    As others have stated you won't get a mortgage without a deposit. A guarantor is there in the case of lower income than needed, but won't change the deposit required.
    Best to carry on saving as much as you can for the time being then reassess.
  • leemuddywaters
    leemuddywaters Posts: 256 Forumite
    Does having a gaurantor help?
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    leemuddywaters wrote: »
    Does having a gaurantor help?

    This was answered above - answer is no

    Guarantors help make up a shortfall on income.

    You will still need a deposit

    If the guarantor can gift you the deposit then they could help that way
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • leemuddywaters
    leemuddywaters Posts: 256 Forumite
    herbiesjp wrote: »
    This was answered above - answer is no

    Guarantors help make up a shortfall on income.

    You will still need a deposit

    If the guarantor can gift you the deposit then they could help that way


    Cheers, we have a deposit but small, does having a gaurantor on top of a deposit help at all. Are you a mortgage advisor Herb?
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    leemuddywaters wrote: »
    Cheers, we have a deposit but small, does having a gaurantor on top of a deposit help at all. Are you a mortgage advisor Herb?

    lol - I think the signature is a bit of a giveaway

    If the guarantor can help top up the deposit to the level needed, then they can help that way
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • leemuddywaters
    leemuddywaters Posts: 256 Forumite
    herbiesjp wrote: »
    lol - I think the signature is a bit of a giveaway

    If the guarantor can help top up the deposit to the level needed, then they can help that way

    lol just thought I'd ask, Is it true for a co-ownership mortgage you have to have debts under 5k?
  • suisidevw
    suisidevw Posts: 2,256 Forumite
    As said you will NEED the actual deposit to lay down when buying hte house. Obviously this needs to be cash that you have at your disposal. If you can, borrow off a family member if they have enough disposable and are willing to help. Or, I'd suggest just wait a year and save like troopers!

    BTW, You will have no probs getting a mortgage on a £100k house with joint income of £36k if you lay down even a 10% deposit.
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