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Mortgages with no deposit
nathandawson
Posts: 3 Newbie
Hi there,
I'm after some advice if anyone can help.
I live a 1 bed room flat of which I rent.
I turns out that the landlord would now like to sell the property to increase his own capital and being that I'm already living in the property he has offered its perchase to me first.
The property is worth around £120,000 and I've done some basic mortgage calculations and should be able to get a mortgage closeish to the amount of which I pay in rent with a 10% deposit.
Only one problem, I have no deposit at all. Is there anything that can be done to overcome this problem?
Thanks for any advice\help or ideas.
I'm after some advice if anyone can help.
I live a 1 bed room flat of which I rent.
I turns out that the landlord would now like to sell the property to increase his own capital and being that I'm already living in the property he has offered its perchase to me first.
The property is worth around £120,000 and I've done some basic mortgage calculations and should be able to get a mortgage closeish to the amount of which I pay in rent with a 10% deposit.
Only one problem, I have no deposit at all. Is there anything that can be done to overcome this problem?
Thanks for any advice\help or ideas.
0
Comments
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No, without the deposit saved up this won't be possible.0
-
You will definitely need the minimum 10% to get a mortgage.
More like 25% for decent rates.
Would parents or family be able to gift you the deposit funds?I am a Mortgage AdviserYou 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.0
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