First Time Buyer

mickey100985

I am looking at getting a mortgage for a property around 75k. I am struggling on the deposit front, the house has recently been reduced by 5k. I have a small amount of money saved but not enough to secure a 10% deposit. Any suggestions of how i can get round the deposit. I have thought about lending the deposit off a family member and getting a mortgage for the full value of the property to give the money straight back.

Any help would be great

_Andy_

That isn't possible.
You can't buy a property without at least a 10% deposit.
What you're suggesting, if I'm reading it right is

Buy a property for, say 100k.
Family lends you 10k so you get a 90k mortgage.
You then remortgage for 100k to pay them back.
Not possible as no 100% mortgages exist.

As well as the deposit you also need to be thinking about legal fees, valuation fee, moving costs, any costs for furniture/furnishings, changing locks, ongoing decoration and maintenance costs and contingency planning.

It sounds like you're best off continuing to save.

VIGILANT22

mickey100985 wrote: »

I have thought about lending the deposit off a family member and getting a mortgage for the full value of the property to give the money straight back. Any help would be great

The lender will ask for source of deposit...You say family...Lender then asks for agreement from family in writing as whether this has to be repaid or gifted........

If you're struggling to get a deposit, you're not in a position to buy a house.

Try reading some of the threads where people did have a deposit and income to support mortgage and what has since happened to them...

Has nothing been learnt from this recession.........:(

opinions4u

mickey100985 wrote: »

I am looking at getting a mortgage for a property around 75k. I am struggling on the deposit front, the house has recently been reduced by 5k. I have a small amount of money saved but not enough to secure a 10% deposit.

If you can't save up a deposit, what makes you think you can afford to pay a mortgage?

Any suggestions of how i can get round the deposit. I have thought about lending the deposit off a family member

You would be borrowing the deposit from a family member. Not lending it.

and getting a mortgage for the full value of the property to give the money straight back.

You need a deposit to get a mortgage. A lender will not lend you 100%.

Save up 10% or more.

Then take out a mortgage.