Mortgage with no deposit

billytruffin

What are the chances of being able to get a £180,000 mortgage on a 3 bedroom house with no depsoit, (if 0% then how much deposit am I going to need?). Would they take into account the fact that I would be renting 2 rooms out - which would provide additional income?

toonfish

jamesw2000 wrote:

What are the chances of being able to get a £180,000 mortgage on a 3 bedroom house with no depsoit, (if 0% then how much deposit am I going to need?). Would they take into account the fact that I would be renting 2 rooms out - which would provide additional income?

it all depends on your income and credit score, althoough it is possible to borrow well over 100%

billytruffin

Any Idea of what kind of income I would need to be able to borrow that amount?

toonfish

jamesw2000 wrote:

Any Idea of what kind of income I would need to be able to borrow that amount?

again it depends on credit score but £32,500 would cover it assuming a high credit score with Northern Rock, less if you opt for a longer term fixed rate. £40K would bring more lenders into the equation

jillie1974

We got mortgage through Northern Rock with no deposit! we actually got £3000 extra to furnish the house!
worth shopping around and read martins tips on mortgares there is a section you can down load and print!

billytruffin

have downloaded the guides and will be reading them, unfortunately I don;t have an income that high - would the rental value of the two other rooms count towards my total income, or is it just my salary?

jillie1974

pretty sure its your salary as you may not be able to rent the rooms out. still worth trying though as they some mortgage companies look at what you can afford to pay back every month rather than multiplying your salary

regularsaver1

doubt thry would use the rent as not guaranteed

MortgageMamma

What is your occupation? if its deemed as a "profession" and you are at the start ofyour career you could get a 100% mortgage and have one of your parents guarantor it if possible, otherwise you would need at least a £9k deposit plus about £3k min for legal fee's, also, you can generally only get a 100% mortgage at mroe than 3.75 x income if you have a medium/good credit score

kenshaz

toonfish wrote:

it all depends on your income and credit score, althoough it is possible to borrow well over 100%

How can you borrow well over a 100%?

_Andy_

Ken - Northern Rock offer the 'Together' mortgage which is up to 125% LTV (although technically only 95% of it is secured)