buying my rented house do i need a deposit

cazsheru

I have been renting privately for 6 years @ £500 per month.. I have been told through word of mouth that I could approach a lender and they would not require a deposit from me, is this correct?

We are 47 and 49 yrs old and work full-time with a joint income of £34,000 burt have no savings. I don't think anyone would lend us any money but not too sure as have not tried.

Hate the fact I have now paid £36,000 for a house that is not mine.
Feels annoying knowing we are stuck inthis situation with no way out.
Can anyone offer me any advice?

cazsheru

I have been renting privately for 6 years @ £500 per month.. I have been told through word of mouth that I could approach a lender and they would not require a deposit from me, is this correct?

We are 47 and 49 yrs old and work full-time with a joint income of £34,000 burt have no savings. I don't think anyone would lend us any money but not too sure as have not tried.

Hate the fact I have now paid £36,000 for a house that is not mine.
Feels annoying knowing we are stuck inthis situation with no way out.
Can anyone offer me any advice?

ILW

Renting the place will make no difference to deposit requirements.

00ec25

cazsheru wrote: »

I have been renting privately for 6 years @ £500 per month.. I have been told through word of mouth that I could approach a lender and they would not require a deposit from me, is this correct?

that what you get when you speak to people down the pub ...utter rubbish

to be blunt you: have no savings so you will obviously need a loan, there are no lenders at the moment offering 100% mortgages ... ever heard of the credit crunch? Do you think lenders have lnot earnt their lesson about lending to people who have insufficient means?

£36k would get you a mortgage but NOT without a deposit

mlz1413

If you'd had a £120,000 interest only mortgage 6 years ago then you would have been paying £500 pm interest and be in the same position you are today apart from being responsible for all the repairs to the house too.

I'm not sure why anyone would tell you that you don't need a deposit to buy a house, as to buy any house you need the full amount of the purchase price but will only get 70 to 80% of that mortgaged these days.

The only difference in buying a house you already rent is that you don't have to move!

If you feel you are stuck renting could you rent somewhere cheaper and save towards a deposit? Or take on part time work to bring in more income to put towards a deposit?

Actually just noted your ages I doubt your get a standard 25 year mortgage and that would mean having a repayment mortgage which over a short period (15 years) would be a high monthly cost .

waflcrew

how well do you know the the landlord/lady?

Some banks offer mortgages on transactions undervalue.

for example if the house is worth 100k and the landlord is happy to sell it to you for 90k, that is you 10% deposit, the bank will use the 100k value and provide you with the 90k mortgage.

you landlord will have to get a contract written up by a sols but this maybe an option.

hope this helps