We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING:
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour.

Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

100% mortgages - 1st time buyer

33ki
33ki Posts: 11 Forumite
in House buying, renting & selling
I am thinking of buying a house as I feel the amount of rent I am paying could be paying a mortgage instead, I have a problem though I do not have a deposit,
I am not really sure where to start looking as I have heard a lot recently about no one giving 100% mortgages.
I dont have any adverse credit, I dont really have much debt apart from a couple of credit cards ( approx -£2000)
Can anyone offer me any advice please as I dont really know where to start.
Thanks!
«1

Comments

  • m00m00
    m00m00 Posts: 1,755 Forumite
    you are better off asking this in the mortgages forum

    in short though, at the moment, no chance.
    It's a health benefit ...
  • clobber_2
    clobber_2 Posts: 472 Forumite
    Don't do it. A deposit is the only defense you have against negative equity.

    I find it very hard to believe that you could buy for the same monthly outlay as renting. Don't forget that as well as the mortgage, there are a host of other costs involved in owning your own home. Where do you live?
  • 33ki
    33ki Posts: 11 Forumite
    Merseyside.

    I am paying 170 per week rent now for a 3 bed detached.
  • dmg24
    dmg24 Posts: 33,920
    10,000 Posts
    Forumite
    You can rent for less than that in Merseyside! Perhaps you could move somewhere cheaper?
    Gone ... or have I?
  • 33ki
    33ki Posts: 11 Forumite
    I know there are cheaper houses in merseyside, but it`s a very nice house in a very quiet area!!
  • dmg24
    dmg24 Posts: 33,920
    10,000 Posts
    Forumite
    I am a bit confused 33ki, as you appear to have voluntarily surrendered your last property - has this not affected your credit record at all? :confused:
    Gone ... or have I?
  • Doozergirl
    Doozergirl Posts: 34,082
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    I really don't think 100% mortgages exist at all now. You'll be hard pushed to find one for 95%

    I lie. There seems to be couple if you fancy paying 7.19 or 7.39% tied in for, wait for it, 3 or 5 years :eek:
    Everything that is supposed to be in heaven is already here on earth.
  • silvercar
    silvercar Posts: 51,459
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Ambassador
    You are going to have to find money for solicitors fees, survey fees, mortgage arrangement fees and a deposit. There are no 100% mortgages , so you need to find at least 5% deposit if not 10%. You will also need money for furniture and maintenance.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • 33ki
    33ki Posts: 11 Forumite
    dmg24 wrote: »
    I am a bit confused 33ki, as you appear to have voluntarily surrendered your last property - has this not affected your credit record at all? :confused:


    That was my sister, this is her user name, sorry should have set up my own user i.d!!

    I just logged on in her name to ask the question.
    I dont have any adverse credit at all, I have never owned a house hence the reason for the questions
  • dmg24
    dmg24 Posts: 33,920
    10,000 Posts
    Forumite
    How much are the properties that you are looking at (assuming that you want to stay in the very nice area you are currently in), and what income do you have?
    Gone ... or have I?
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 355.8K Banking & Borrowing
  • 254.9K Reduce Debt & Boost Income
  • 456.2K Spending & Discounts
  • 248.3K Work, Benefits & Business
  • 605.9K Mortgages, Homes & Bills
  • 179K Life & Family
  • 263.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture