Help with 100% mortgage?

hacarya

Hi everyone
We currently rent and as it is at the moment, are finding it impossible to save a deposit. The landlady is looking to sell this house in a couple of years and there is no way we can afford to save up a decent deposit by then.
We are looking at buying a house around £136,000.

We will need 100% mortgage and my hubby earns £33,000 a year and I earn £3,000 a year.

We owe £1500 on credit cards and have a car loan of £120 a month which will end in two years.

Can you tell me our chances of getting a mortgage at 100% and how much this would roughly be a month?


Thanks
Sarah

herbiesjp

HI Sarah

Assuming you both have good credit history, then you should be ok with a 100% mortgage

Difficult to give an idea of how much it will cost, as it will depend on which lender/rates you will be eligible for, however below is a rough idea for you:

£136k over 25 years @ 5.89% = £ 867.13 pm repayment mortgage
= £667.53 pm interest only

HTH

hacarya

Thank you
I had about The £900 mark in my head.

Sarah

poppy10_2

Try and save at least a 5% deposit - it will increase the range of options available to you, and you should get better deals if you are prepared to put some of your own money down.

dollarjon

If you get a 5% deposit together you'll get a much better interest rate on your mortgage in some cases by as much as 1% which will save you alot in the long term.

ward.russell

HI,

I am just about to take out a 100% mortgage with my girlfriend, on a house worth 132,500. We are using Standard Life for the Mortgage and the interest rate is about 6.23% fixed for 3 years. This works out at £811 a month, so going on those figures your probably looking at around £840-850 a month. (If not a bit less)

You seem to earn about the same as our combined incomes so I don't think you would have a problem getting a mortgage for that amount. I have spent ages looking for the best 100% mortage and Standard Life looks pretty good.

Cheers

Russell