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100% Mortgages
Anteater45
Posts: 3 Newbie
I have the opportunity to get back on the housing ladder via a shared ownership house. The only problem is i don't have any kind of deposit. Are there different lending rules for shared ownership mortgages (i.e do i need a deposit?)? Or is it possible to lend 100% of the purchase price? Many thanks for your time and i look forward to some replies.
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I haven't seen any 100% mortgages available for first time buyers. However I have seen them re-appearing for current homeowners. May suggest the market is finally returning to what it once was.0
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You'll need a deposit for shared ownership and shared equity cases. I don't know of any lender in E&W offering no-deposit affordable housing. There are one or two schemes for existing HA and LA tenants buying their homes and Ulster Bank appears to be offering something in NI.Anteater45 wrote: »I have the opportunity to get back on the housing ladder via a shared ownership house. The only problem is i don't have any kind of deposit. Are there different lending rules for shared ownership mortgages (i.e do i need a deposit?)? Or is it possible to lend 100% of the purchase price? Many thanks for your time and i look forward to some replies.
A whole market or independent broker in your area might be a good first call to see about any local variations.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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