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100% mortgage?

kimbokoo
kimbokoo Posts: 13 Forumite
in Mortgages & endowments
Hi
My husband and I are looking to buy the hosue we currently live in, but we do not have a deposit.

Are there any 100% mortgages out there and which ones are the best to look at - I am totally useless when it comes to things like this and hubby is no better!!!

I currently earn about £21k a year and hubby earns just under £15k a year.
What is the likelyhood of us getting a mortgage to start off with and is going to be more difficult to find 100% one?

Any advice would be appreciated.

Thanks

Comments

  • tam2oo5
    tam2oo5 Posts: 214 Forumite
    Whats the value of your house?, hows both your credit rating?

    This seems to be the 2most important factors when considering a mortgage other than your joint income. The chance of getting a 100% is probably impossible to be honest...
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    No 100% mortgages unless looking at shared ownership.
    I am a Mortgage Adviser
    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.
  • kimbokoo
    kimbokoo Posts: 13 Forumite
    sorry for being a blondy, but what is shared ownership?? does that mean a joint mortgage coz if it does, thats what we are looking for, if not im sorry, please explain

    thanks

    btw the house is worth about £120-130k
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    A shared ownership property is one where you do not buy the property outright, but only a percentage share of the property. For example only 25%.

    However on the remaining 75% which is still owned by the housing association, you will pay a monthly rent.

    So if you are not looking at this types of properties, you will not get a 100% mortgage.
    I am a Mortgage Adviser
    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.
  • Lizling
    Lizling Posts: 882 Forumite
    Aldermore offers a 100% mortgage still, but you need a guarantor (probably a parent) and the rate is extortionate.

    http://www.moneymarketing.co.uk/mortgages/aldermore-launches-100-ltv-mortgage/1037179.article
    Saving for deposit: Finished! :j
    House buying: Finished!
    Next task: Lots and lots of DIY
This discussion has been closed.
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