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further borrowing
Lewigreg081281
Posts: 142 Forumite
Hi just after some advice please guys.
We are just into our 2nd year of our current mortgage deal. We got one of the last 100% mortgages and have been on a tracker for 2 years so we have had it easy. At the time we bought the property it was a bit of an quick move due to a job opportunity hence the 100% mortgage.
We have recently see a great property that is on the market for a great price how ever it would mean borrowing a further 60k i have spoken to RBS and we are fine for further borrowing which more than covers the cost of this property. Although we would have to put at least 10% deposit down which is where the problem comes in. As we didn't have a deposit at the time we took out the mortgage (when we both lived with parents) we have nowhere near enough now we are paying household bills, mortgage etc. This is where I am concerned, we are both earning good salaries but i can't see us being able to pull together 10% deposit for years! obviously we want to move up the ladder and are now wanting a bigger property.
Is it a case of just saving the pennies? or is there a way round it with the fact we took out a 100% mortgage really i thought we maybe able to get away with a lower deposit.
It's all new to me!
Cheers
We are just into our 2nd year of our current mortgage deal. We got one of the last 100% mortgages and have been on a tracker for 2 years so we have had it easy. At the time we bought the property it was a bit of an quick move due to a job opportunity hence the 100% mortgage.
We have recently see a great property that is on the market for a great price how ever it would mean borrowing a further 60k i have spoken to RBS and we are fine for further borrowing which more than covers the cost of this property. Although we would have to put at least 10% deposit down which is where the problem comes in. As we didn't have a deposit at the time we took out the mortgage (when we both lived with parents) we have nowhere near enough now we are paying household bills, mortgage etc. This is where I am concerned, we are both earning good salaries but i can't see us being able to pull together 10% deposit for years! obviously we want to move up the ladder and are now wanting a bigger property.
Is it a case of just saving the pennies? or is there a way round it with the fact we took out a 100% mortgage really i thought we maybe able to get away with a lower deposit.
It's all new to me!
Cheers
0
Comments
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No deposit - no mortgage.0
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Sounds like you have little equity (poss negative equity?) on your current property. The days of no deposit are gone. Get saving or get overpaying.0
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