Can i buy a house valued between £200,000 and £250,000 without any kind of deposit?
2007-03-22 02:52:52 · 14 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
you can get 100% deposit but the criteria is stricter as obviously they haven't much leeway if you default and they need to re-possess and sell. They will also look at your salary multiple to make sure you can well afford the property and your credit history will need to be impeccable. I would get a good broker to sort it out for you as it will take some work and good banking contacts to get it.
2007-03-22 03:01:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Of course - in fact you can even get 105% mortgage if you need to do some work on the flat of help with solicitors fees and stamp duty. Also remember that most high street banks are very strict about who they will offer mortgages too - they may want a deposit and will lend you the lowest amount of money overall. Best to go and see a mortgage advisor. Hope that helps!
2007-03-22 10:10:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes but with a down payment of less than 20% you will need to buy Private Mortgage Insurance (or PMI). The PMI is NOT tax deductable and will cost about $175 $200 a month (i don't know what that is in your currency, sorry). Anyways, what you could do is get 2 mortgages, one for 80% of the homes value and one for 20% of the homes value. That way, your interest will be tax-deductable. Good luck!
2007-03-22 09:59:42 · answer #3 · answered by Joe M 3 · 0⤊ 0⤋
You can but you would have to be earning a lot of money.
Most mortgage lenders will lend 3 to 4 times your salary.
Your best bet is to find a independent financial adviser who will be able to get the best deal for you and also tell you how much you can realistically borrow.
2007-03-22 10:01:13 · answer #4 · answered by gbr4022 1 · 0⤊ 0⤋
Yes. There are mortgage loans out there with 0% down. We did an 3% down. (Interest is lower for 3% down.) Call some mortgage companies to see what they have to offer.
2007-03-22 09:56:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I don't know about the UK, but in the US realtors can put together packages for people who have enough income to make the payments but not the down payment. This includes having the seller pay the closing costs.
2007-03-22 09:58:25 · answer #6 · answered by kadel 7 · 0⤊ 0⤋
you can get a 100% mortgage as long as you can prove you can keep up the repayments i just got a 100% as i didnt have a deposit and its all sorted i went through a mortgage consultant.
2007-03-22 09:56:40 · answer #7 · answered by K5 3 · 0⤊ 0⤋
I think your best bet would be to ask a mortgage advisor or go to a bank. I know there's such a thing as 100% mortgage.
2007-03-22 09:56:52 · answer #8 · answered by andri_uk 4 · 0⤊ 0⤋
yes i did it....and i don't make a lot..it's a matter of who and what you know. Be very careful, ask questions and take classes if this is your first time...knowledge is power and the more you know will help you with choosing the right broker and Realtor....and the who you know can also help because they will have contacts and first time home buyer programs to start you out with...it's actually easy...but i would definitely educate myself first because it can be very confusing and tricky....
2007-03-22 10:21:09 · answer #9 · answered by nique 2 · 0⤊ 0⤋
Yep. Just get a 100% mortgage
2007-03-22 09:55:59 · answer #10 · answered by Anonymous · 0⤊ 0⤋