First time buyer, need a mortgage - no deposit!

craigos28

Hi.

I am wanting some advice if anyone can help.

I am 28 years old and want to get a mortgage. However, as I am renting it is practically impossible for me to save a deposit! I earn a reasonable salary (£30k per annum), have a secure job with a good credit profile.

Does anyone have any advice / suggestions as to how I can get a mortgage? Is there anyway I can get one without a deposit?

I really dont want to rent forever! Help!

Any advice will be really appreciated!

Lokolo

If you are on £30k you should be able to save for a deposit.

Move somewhere cheaper, spend less etc.etc.

Stalkdog

I know it's not what you want to hear, but there really isn't some magic rabbit to be pulled out of the hat. Unless you have helpful/generous parents, it really is a case of old school knuckling down and saving.

Have a think about whether you "need" a mortgage in these tricky times. Most people accept that the housing market isn't going anywhere fast, and many people are predicting further price drops.

You're still young so get a cheaper rental property, cut your expenditure and fill up 2 or 3 ISAs and in 3-4 years time when all this has blown over, you'll be in a great position to get on the ladder

maninthestreet

why does renting make it impossible to save for a deposit??

Meeper

Being a homeowner is not the golden goose that people think. It is often better for some people to rent instead, so don't get caught up with the idea that home ownership is something to aim for. It's not the 1970's any more.

InMyDreams

If your finances are so tight that it is 'practically impossible' for you to save a deposit, then you really don't want to be getting into home ownership. If you owned a property, what would happen when the boiler went on the blink, a pipe burst, the windows need replacing, or... interest rates shoot up at the end of your initially incredibly low rate. These would be equally 'impossible' to pay for.

If you *really* want to get a mortgage and buy your own home then saving for the deposit is the easy, least stressful part because you can do it at your own leisure and you are not yet committed to anything or risk losing your home.

Flyboy152

How much do you spend in rent per month?

grey_lady

You could look at getting a second part time job for a few months and cutting back on your outgoings, figure out how much you would need for a ten percent deposit and fees and put the money aside every month. It might take you a year to find the right place anyway.

danielley

What about a shared ownership scheme?

I think it is a positive thing that 100% mortgages aren't available anymore. I know so many people who are now in negative equity and can't move on because they were given one.

Save, Save, Save, it is most likely that house prices will not increase in value, so any money saved will get you more house for your pound in a couple of years

black_taxi_2

no deposit---any interest rate rise will slowly but surely put you in serious financial trouble

do a virtual(pretend) mortgage/

work out flat/house/mortgage amount you want/bills then compare it to rent ect,/do it for 1 year

garantee its alot more expensive than you think

hoggums

no deposit = no mortgage. End of.

Start saving.