100% mortgages..do they exist?

Jadek10

So we all know first time buyers have it hard when it comes to mortgages, but what i want some advise on is a 100% mortagages??

My self and partner are in our 20's and expecting our first baby, we are currently living with parents and have no debt between us, but both of us have had loans which have been repaid. My partner works for the local council and i am unemployed but receiving Statutory Maternity Pay. We have found a property which is £47,00, but have no clue where to begin when it comes to applying for a mortagag as it would only be off my partners income, which is £14,000 PA.

Can someone please advise us?

Thank you

214jay

Generally you can borrow around 3 times your income (your case £42k), however there are not any that I have heard of these days that will offer you a 100% morgage. Is that a £47k house you have found? you would only need a relatively small deposit, is there any way you can save by budgeting and limiting your spendings?

214jay

Furthermore....I have found this website a useful tool to see eligibility for a morgage

http://www.godirect.co.uk/mortgage-repayment-calculator.php

Hope this helps!

Jay

robin_banks

Personally I'd give 100% mortgages a very wide berth.

dimbo61

Could the "bank of mum and dad " help with a 10% deposit as a gift £4700?

AbbieCadabra

this won't help if you've already found a house, but Strata homes are offering 100% mortgages at the moment (via Yorkshire Bank) on certain developments. they might have something in your area that may be of interest.

as said by others though, in the current climate, personally i wouldn't touch a 100% mortgage.