First time buyer...I hope....no deposit...help!

clairelouise29

Hi, myself and my husband currently live in a rented accomodation and our landlord has told us they are returning to their home so we need to go. We are now wanting to buy after spending a lot of money with nothing to show for it. However, we haven't got a deposit of the ridiculous 10% being asked. I am a teacher and my husband is an NHS student in his final year. Does anybody know if there are any mortgages aimed at first buyers like us - a lot of the new builds in our city offerening the NewBuy are in pretty dodgy areas. Please help - I haven't got a clue about mortgages

R_P_W

You think 10% deposit is a ridiculous ask? Why? No more 100% mortgages I'm afraid, 95% few and far between so you need 10% miniumum.

ACG

If you have a well off parent you might be able to get them to guarantor the mortgage.

Short of that, you need the 10% deposit.

clairelouise29

Hi, thanks for responding, I just can't see any way that we could get £13,000 together. Was hoping there may be some scheme or magic way that we could get on the property ladder or perhaps some advice on shared ownership or something.

Lokolo

clairelouise29 wrote: »

Hi, thanks for responding, I just can't see any way that we could get £13,000 together. Was hoping there may be some scheme or magic way that we could get on the property ladder or perhaps some advice on shared ownership or something.

The magic way is to budget and save.

TastyTeeth

clairelouise29 wrote: »

Hi, thanks for responding, I just can't see any way that we could get £13,000 together. Was hoping there may be some scheme or magic way that we could get on the property ladder or perhaps some advice on shared ownership or something.

Even shared ownership requires you to have a 5% deposit of your own. It's the saving game if you want to buy in today's climate.

Yorkie1

If you do eventually buy, don't forget to budget a couple of £K for application fees, survey, legals etc.

And you should have several months' expenditure in savings for a rainy day or if the boiler breaks immediately you move in.

It isn't just a case of getting the 10% I'm afraid.

beecher2

10% is by no means ridiculous - start saving and when your husband gets a job at end of training, save the majority of his salary. You could post on Debt Free Wanabee for help with your budget - you need to set your mind to being frugal and hopefully you'll soon find saving addictive.

clairelouise29

Thanks everybody, this was all I what I was expecting to hear. Just so frustrating as we could afford monthly payments - its just gathering the deposit. Think its time to get saving - would be great if rent prices weren't so high!!

BoracicLint

I was in the same boat as you a few years ago, I don't know if it's an option for you, but I moved out of rented accomodation and moved into my mum's for the last 2 years. I was able to pay her a much subsidised rent and therefore save a significant portion of my salary.

It's not been easy, but keep the goal in sight and you'll soon reap the rewards.

There are 95% mortgages out there, as long as your credit history is excellent. Look at the Nationwide Save-To-Buy account and also the Newbuy scheme for example.

droiderm

And the newcastle building society , nottingham building society in certain postcodes . There maybe a few others. Possibly Leeds too ?