Can you get a mortgage without a deposit, if not what is the minimum deposit??

ducot

Hello,

I want to get a mortgage as think renting is a pure waste of money, however ive worked out it would take me 3 years and 4 months to save enough to get a decent mortgage with a 20k deposit at this current time.

Are there any other routes, or less capital consuming ways to obtain a mortgage and have your own property thats affordable?

Kodagirl

Hi,ducot,
My twin brother is in the same boat as you,at the minute. You may get more responses if you post this question,in Mortgages and Endowments,forum. All the best to you.

edinburgher

I want to get a mortgage as think renting is a pure waste of money

I can't say I agree - you have to live somewhere

There are several routes to getting onto the property ladder with less equity - government schemes, developer funded properties, partial ownership etc.

That said, you have a lot more flexibility in the sorts of properties you can buy if you're able to save up a deposit and go down the more conventional route.

My wife and I took 3 years and a little bit of (unexpected) help to buy our first flat. It was boring as hell, but ultimately worth it.

My brother never saved for a deposit and took the only property he could buy for next to no money down. It's a lovely house, but it's in a horrible part of the city with real deprivation and crime all around He'll struggle to resell and his wife and him already seem to regret raising their daughter in an area where they don't feel comfortable taking her for a walk in her pram.

Lois_E

Renting is no more a waste of money than the interest part of a mortgage. Why not follow some of the ideas on here and on the old style board, etc, and see if you can up your income and cut your outgoings. You'll soon find your deposit building up, and the habits of making the most of your resources will set you up to pay off your mortgage when you get it.

ducot

Cheers everyone everythings been helpful, i see where your coming from edinburgher and lois_e with renting if i dont seem to be getting anywhere in next couple of years then i shall probably go down that route.

Mortgages and Endowments wouldve been the correct forum!

itis all about living in a nice area these days walkings free and if you cant do that then what can you do.