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First time buyer - Looking for a 100% Mortgage
Comments
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I don't understand why your father cannot help, if you say he has 800 000K house.
Clearly if you cannot pay, he just needs to! Simple!
The deposit should also be easy considering he owns his 800 000K house...
I'd do that for my children, and yes I would expect to pay the mortgage every now and again!0 -
The better deposit the better the deal you are likely to get on a mortgage, it doesn't always hurt to wait a little either (it took me 5 years to save my deposit, and on my way to being mortgage free now
)
Good luck with it!Mortgage Free since January 2018!0 -
Rent costs you £1,200 per month? Where do you live, Dubai?
Anywhere in the SE of England, esp. London...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
There are other 100% family support schemes.
Rather than place their home at risk, would your parents be willing to place some of their savings, 25% of the price of your property, in a savings account the lender could take a charge over?
In that way, your parents only lose that bit of their savings if you default.
Example;-
http://www.themarsden.co.uk/mortgages/products/offset-mortgages/dso168-3-49-percent
In addition to a deposit, you would need around £1,000 to cover solicitor's fees and disbursements, £1,700 stamp duty on a £170,000 purchase, valuation, mortgage and survey fees, where applicable.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 -
If you could scrape together a 5% deposit, there’s the Local Authority Lend a Hand mortgage, where the LA acts as a guarantor.Saving for deposit: Finished! :j
House buying: Finished!
Next task: Lots and lots of DIY0
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