Frist time buyer pease help

Matthew_Lewis

Hi all,
I'm looking to buy my first house just wondering if any banks are offering 100ercent mortgages? I'm after 140,000 I'm got 5000 deposit but that's it I'm afraid. Can anyone help? My wage allows me to get 144000 but it's the deposit thats the problem!!

betmunch

Theres one lender that you can go to, but you will be required to jump through so many hoops you will probably decide against it!!!

You will also require family help and their house will be on the line if you dont pay so not a very attractive proposition.

If you want to know more get an Independent Mortgage Broker on the case

betmunch

Just seen your thread from 2 days ago, looks like you may have issues on the survey if its as run down as you say it is!

LauraWxx

have you thought about a new build...they offer a 5% deposit with some lenders.
or they also do a first buy scheme where you have to pay 5% deposit, mortgage 75% and the remaining 20% is an interest free loan (between the housebuilder and the government) and then this has to start to be paid back after 5 years.

I no 5% of £140k is more than £5000, just thought it might be of interest as it is nearer to what your after than many other mortgages!!

JPB123

laurawatson1985 wrote: »

have you thought about a new build...they offer a 5% deposit with some lenders.
or they also do a first buy scheme where you have to pay 5% deposit, mortgage 75% and the remaining 20% is an interest free loan (between the housebuilder and the government) and then this has to start to be paid back after 5 years.

I no 5% of £140k is more than £5000, just thought it might be of interest as it is nearer to what your after than many other mortgages!!

You don't have to start repaying the 1st Buy loan after 5 years, you have up to 25 years. It become interest bearing at 1.75% in year 6. This then rises by RPI + 1% for each subsequent year until the end of the 25-year maximum allowed time to repay the loan.

Please note, this doesn't stop you having a longer mortgage term. It's just a max of 25 years to repay the 1st Buy element.

I am an Independent 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.

brit1234

Matthew_Lewis wrote: »

Hi all,
I'm looking to buy my first house just wondering if any banks are offering 100ercent mortgages? I'm after 140,000 I'm got 5000 deposit but that's it I'm afraid. Can anyone help? My wage allows me to get 144000 but it's the deposit thats the problem!!

Just cut spending and start saving, its amazing how quickly you can save when you are motivated. Remember you will also need a few thousand for costs and stamp duty on top.

Try to avoid looking at these 95% newbuild deals, they are higher risk.