not 1st time buyer, any schemes for low or 0% deposit?

infoleacher

Hi all, my wife and I owned a property (briefly) in 2002 before selling it to fund a business venture, we had always intended to get back on the ladder sooner rather than later. Then life happened and here we are 22 years later and still renting and struggling to save a deposit. I've done some research and the few 0% deposit mortgages seem to be available to 1st time buyers only (which we are not because of the 2002 property) does anyone know of a lender that could help us or anything that might enable us to get back on the property ladder with little to no deposit? I imagine there's a fair few folks in our boat with decent income but struggling to save £30k to get a 3ish bed house. Thanks in anticipation of any help.

Myci85

Might be worth moving this thread to the mortgages board. I have a feeling I've read before that some lenders will consider people as first time buyers if they haven't owned in several years. But there are brokers posting on the mortgages board who'd have a good knowledge of this. 

ReadySteadyPop

infoleacher said:

Hi all, my wife and I owned a property (briefly) in 2002 before selling it to fund a business venture, we had always intended to get back on the ladder sooner rather than later. Then life happened and here we are 22 years later and still renting and struggling to save a deposit. I've done some research and the few 0% deposit mortgages seem to be available to 1st time buyers only (which we are not because of the 2002 property) does anyone know of a lender that could help us or anything that might enable us to get back on the property ladder with little to no deposit? I imagine there's a fair few folks in our boat with decent income but struggling to save £30k to get a 3ish bed house. Thanks in anticipation of any help.

The worry for the banks is that you will struggle to pay the debt if mortgage rates rise, which is looking likely. 

Herzlos

ReadySteadyPop said:

infoleacher said:

Hi all, my wife and I owned a property (briefly) in 2002 before selling it to fund a business venture, we had always intended to get back on the ladder sooner rather than later. Then life happened and here we are 22 years later and still renting and struggling to save a deposit. I've done some research and the few 0% deposit mortgages seem to be available to 1st time buyers only (which we are not because of the 2002 property) does anyone know of a lender that could help us or anything that might enable us to get back on the property ladder with little to no deposit? I imagine there's a fair few folks in our boat with decent income but struggling to save £30k to get a 3ish bed house. Thanks in anticipation of any help.

The worry for the banks is that you will struggle to pay the debt if mortgage rates rise, which is looking likely. 

The mortgage could easily be half of the rent payment. So not being able to save a deposit whilst renting doesn't automatically mean not being able to meet the affordability criteria. Plus rates are creeping down slightly.

The biggest risk with 100% LTV is the bank won't make all of their money back if it gets repossessed.


OP - I'd go and see an actual mortgage broker to see what they can suggest, and see if you've got any way of raising even a 5% deposit in the short term - can you downgrade the rental or a car or anything.

Yorkie1

First time buyer can mean different things; as others have said, mortgage lenders will have their own criteria as to who they will regard as a FTB - and given the passage of time, you're likely to come within the criteria of at least some of them.

You won't be a FTB for the purposes of Stamp Duty Land Tax though. 

infoleacher

Thanks all for your input, I had a feeling some lenders might treat us as FTB's (indeed without the stamp duty perk) I was kind of hoping someone might identify specific lender/s. We are saving right now and are actually doing better than any previous attempts (more determined this time) I don't want to even think about how much money I've wasted over the last 20 years whilst I thought time was on our side. Good old hindsight!