I cant afford a deposit for a property so is there anyway around this?
2006-09-27 01:41:56 · 18 answers · asked by hilda d 1 in Business & Finance ➔ Credit
nothing that would not get you in financial trouble. think about it....if you cant save money enough for a down payment how do you think you'll save enough to pay the mortage on time? common sense people
2006-09-27 01:58:43 · answer #1 · answered by military and veteran advocate 6 · 0⤊ 0⤋
a 100% mortgage is the best bet... by the time you've saved up for a deposit of even 5% - the house prices have risen past that so you'd be caught in a vicious circle. 100% deals aren't that bad anymore and i've friends in similar situations who went with a full mortgage and now they are moving, with the equity they have made, are able to put down a larger deposit. Think of a 100% mortgage as a quick fix to get on the property ladder. I wouldn't but your dream home but more of a stopgap so you can make some money to invest as a future deposit ! - ..
2006-09-27 08:51:57 · answer #2 · answered by Tiger01204 5 · 0⤊ 0⤋
if you mean deposit, not downpayment, then you need to find an agent who will not be embarassed to offer $10 on the house, but the majority of them would laugh at you if you say so. Just keep looking.
Not sure why everyone else answers about 100% mortgage, if the question is about a DEPOSIT.....
2006-09-27 08:54:19 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Hiya,
Get a mortgage from Northern Rock called a 'Togeather' mortgage. 95% of the mortgage is secured against your home and then you can take out another 30% as an unsecured loan which you can use for your deposit and home improvements etc.
2006-09-27 08:58:29 · answer #4 · answered by m_berry999 1 · 0⤊ 0⤋
Yes you can get a 100% Mortgage if you have good credit , have a look at Northan Rock i think they do 100%. Obviously will depend on income multiples etc but you should get an idea of what you can or cant do quite quickly.
2006-09-27 08:50:55 · answer #5 · answered by dizzymooo 4 · 0⤊ 0⤋
get a 100 % mortgage, failing that I would suggest getting a loan for the deposit.
2006-09-27 09:10:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
look for property where on the add it says deposit and solicitor fees paid for you or find a mortgage adviser they can juggle the figures so you wont have to pay any good luck
2006-09-28 15:47:05 · answer #7 · answered by jkm13 3 · 0⤊ 0⤋
as well as the 100% mortgage, if you are a first time buyer many places will (new places) have deals where they pay the deposit for you, some where along the line you end up paying for it though.
2006-09-27 08:46:53 · answer #8 · answered by Anonymous · 0⤊ 0⤋
My first mortgage was 100%. The interest rate we got was reasonabley competetive and once the value of the house had gone up we renegotiated our deal to a rate for a 90% mortgage.
2006-09-27 08:56:27 · answer #9 · answered by PETER F 3 · 0⤊ 0⤋
Get a 100% mortgage.
Speak to a mortgage adviser
2006-09-27 08:45:18 · answer #10 · answered by OriginalBubble 6 · 0⤊ 0⤋
100% mortgage. mind you most lenders dont like them because there is no lee-way. you default straight away, they lose money. with a deposit thier losses are covered.
when we got our first mortgage we got a 99.25% mortgage (we had to find £300 out of £40,000) so deals are out there. shop around
2006-09-27 10:21:38 · answer #11 · answered by alatoruk 5 · 0⤊ 0⤋