Do I need another deposit to buy my second home???

JimmyTheWig

dee86 wrote: »

Lol now i'm even more confused. Are there 100% mortgages out there?

Not these days!

skintsaver_2

http://www.money.co.uk/mortgages/100-mortgages.htm

JimmyTheWig

skintsaver wrote: »

http://www.money.co.uk/mortgages/100-mortgages.htm

All of these are marked as "Available for existing borrowers only. N.B. Such mortgages may not be displayed on the lender's website."

kingstreet

They are the neg/eq products and similar for LBG group members' borrowers and Norwich & Peterborough.

None of which are much help to the average bloke in the street. The LBG products help movers, but the LTV has to end up lower than at the outset.

The family assist/helping hand type products would have been more help, if there's a site which lists them all.

Lloyds
Barclays
Marsden
Tipton & Coseley
Aldermore

to name a few.

R_P_W

Does your mortgage advisor charge a fee? You might want to ask for a refund! As they obvioulsy haven't explained things very well to you.

Being a 2nd time buyer isnt really any different to being a 1st time buyer. You still need to meet the same lending criteria (i.e. you will need 10% deposit as a minimum).

So you will need minimum £14.5k as your deposit - this may be made up of sale proceeds from your first house and cash.

So plus fees, assuming you sell your property for £100k you will need £4.5k towards deposit and probably around another £5k for other costs.