Haysto mortgage advice

Chrisjay

I have been given a section 21 by my landlord so need to move out. I have no money for a deposit and can’t save and pay rent at the same time. I have been contacted by this company and passed their initial affordability calculator, they have told me they can source me a 0% deposit on a shared ownership property I am interested in buying, the fee they charge for this service is £1000 but I’ve tried and been turned down for 0% deposit mortgages when I’ve tried to source it myself because it’s harder to get one with shared ownership properties. Is it worth it ??, the rental situation is impossible rents in my area have gone up massively in the last few years 

Mark_d

As far as I know Skipton are the only major lender offering 100% mortgages and the deal is a fixed rate of 5.52% fixed for 5 years. I'm in the process of remortgaging  to a 2-year fix at 3.61%.
If you take this deal you have to pay £1000 to the broker and then you'd be paying a high rate for 5 years.  Personally I don't think it's worth it.  Maybe try talking to Barclays - they helped when I first bought a shared ownership property.
When I was in your situation I dipped in to my overdraft to help raise a 3% deposit.  It was only a few weeks so the overdraft interest wasn't too painful.
another thing to consider is whether you could move to a cheaper area.  Maybe your mortgage  + train season ticket would be cheaper than your current rent.  That was the case when I started working in Basingstoke...and ended up buying a small flat on the outskirts of Southampton.