100% mortage, no deposit.

Oakey22

Myself and my girlfriend are looking at buying a house, i currently earn, £20100 and she earns £8900 a year. We went to lloyds tsb and they said we could get a mortage for £117,000 on a fixed step mortage or £125,000 on a fixed rate mortage. These are both on a 30 year repayment

The rates for the £117,000 mortage without solicitors fee's are as follows.
8 monthly payments of £648.98 @ 5.29%
12 monthly payment of £729.63 @ 6.39%
12 monthly payment of £789.44 @ 7.19%
327 monthly payment of £793.92 on a variable rate @ 7.25%
Total payable is £284,432
Overall cost comparison is 7.3%



The rates for the £117,000 mortage with solicitors fee's are:
8 monthly payments of £761.97 @ 6.79%
12 monthly payment of £777.36 @ 6.99%
12 monthly payment of £792.49 @ 7.19%
327 monthly payment of £796.98 on a variable rate @ 7.25%
Total payable is £287,208
Overall cost comparison is 7.5%

Now the £125,000 mortage with solicitors fee's paid.
62 monthly payments of £847.64 @ 7.19%
297 monthly payments of £852.11 @ 7.25%
Total payable is £307,466
Overall cost comparison is 7.5%



Does anyone know if i can get a better deal out there?
Ideally i would like to have as little cost as possible to set it up.
We are both 1st time buyers.

UK007BullDog

Maybe. As I am a tied adviser those rates are high to me.

As I was still a broker I would not touch stepped rates as they are harsh.

I would definately suggest you look a bit elsewhere or even try to save up 3% to 5% deposit.

Oakey22

wherre else would you suggest?

JoeK_3

You should find a whole of market mortgage broker, as they will be able to find the cheapest 100% mortgage for you.

JoeK

firesidemaid

rbos do 100% mortgages, but can't comment any more than that.

have a look on moneysupermarket for a guide too.

o/wise as the previous poster says.

firesidemaid

rbos if 6.35% variable with no product fee for 2 years.

if you could save a 5% deposit then you would get a much better choice of rates.

do you rent now - together or separately? are you able to save a little?

try not to add fees etc to the m/gage. for every £500 pound you add, it will cost you £1500 in interest ver the 30 year term!