First time buyer with no deposit, please help?

Tinker21

Hi,

I am looking to buy my first house with my boyfriend. We don't have any savings and our debt between us is probably about £2,000. I earn £28,000 and he earns £26,000.

I have been onto all the banks websites using their mortgage calculators and all of them say they need a deposit and will only lend us about £160,000.

Is there nothing else we can do to get this amount of money up without having a deposit?

We need about £190,000 - £200,000.

Any help or suggestions would be greatly appreciated.

Many thanks,
T

babyharry5

what can you save each month?

ginvzt

I am sorry, but you are saying that all online bank calculators will lend you around £160k, which is usually more generous, than when you actually come to the bank to borrow, I think.

You have no deposit, and you want to borrow £190-£200k - more than they would like to lend you.

If your salaries are as you say, you are bringing home £3.4k every month. So, try to save some for a deposit. Actually, you should clear your debt in a couple of months easily, unless there is a very expensive reason why you can't do so.

hostie1985

The way things are at the moment, u'll need to save a deposit for a place, unless you go through a government scheme or a buy a new build with give you the 5% deposit (not very popular in my opinion). With the amount you are both earning, it shouldnt take you long to save for a deposit

Hostie

xx

ILW

Get saving.

poppysarah

Save.
It's the best way.

jockosjungle

Yes start saving, out of interest why do you need such an expensive place?

R

RAS

Ideally you need at least 10% deposit saved. the 5 % deasl have higher interest rates. How long would it take to save that?

Scabs

Why don't you start saving?. Buying a house is not and should not be easy.The banks need to know their money is safe so they are rightly asking for a deposit.
Thank goodness the days of 100% mortgages are over because everyone now seems to think that house buying is as easy as doing your weekly shop.

overandout_2

First, you probably should just save for the next few months and pay off your debts...it isn't that big so it should be easy.

The combined income should allow you to save a considerable amount each month if you live frugally.

Save as much as you can for the next year or so.....but make sure you factor and save for all the house-buying related fees (solicitor, etc..)

hoggums

No deposit = no house, and your tastes are too expensive.

You are not a first time buyer - you are not a buyer at all till you have money saved.