First time mortage! HELP!!

jamiev

Hi all

Looking to move out soon, and want to get a mortage sorted, have no deposit, and no clue :-[

What do I look for and what do I do?! Who is one of the best companies to go with?!

I know this could take someone some time to respond, but anyhelp would be very greatly apprieceated!! ;D

MarkyMarkD

You will have a restricted choice of lenders, and pay over the odds, if you have no deposit.

You also have to pay buying costs like stamp duty, legal costs, etc.

If you really have nothing saved, it's not very realistic to buy at this stage. You would be better advised to save up a 5% deposit AND the buying costs, so that you start yourself off in a credible position. You will then be able to borrow competitively.

Given that extreme price rises are becoming a thing of the past (although this depends where you live) you shouldn't feel pressured into buying asap.

Do you have any source of funds for a deposit? Perhaps an interest free (or even interest bearing) loan from your family? This might change my view of things.