Mortgage advise needed?

[BlueSniffer]

Really frustrating as i'm in the same position, 1st tinme buyer, saved up for years although i can't get a mortgage as i don't have enough for a 10% deposit. You nedd at least £10k for a £100k property plus all the furniture etc you would need to buy to furnish the place. I've moved back home to help me save plus i'd rather the money go to my mum and dad than pay someone elses mortage. Got fed up of paying rent which was more that what i'd be paying for a mortgage!

 

[The Ox]

I am looking to buy my first house and have found a lovely place listed at £110k I reckon they would take £100-£105k for it. My only problem is that I have only got about £5k saved up for the deposit. Most mortgage's require 10% minimum deposit!

Can anyone advise if they know of anywhere offering less than 10% or when the deposit thresholds will drop?

I read your post before work yesterday so it was fresh in the mind - have you considered shared equity ? There were plenty of adverts in the Metro newspaper yesterday for people in your situation and it seems that you can get a £100k house/apartment and pay 10% deposit of 50k and pay a rental on the other 50% at quite affordable rates ! Its worth looking into to get you on the ladder mate :)

 

[The Fat el Hombre]

I am looking to buy my first house and have found a lovely place listed at £110k I reckon they would take £100-£105k for it. My only problem is that I have only got about £5k saved up for the deposit. Most mortgage's require 10% minimum deposit!

Can anyone advise if they know of anywhere offering less than 10% or when the deposit thresholds will drop?

I read your post before work yesterday so it was fresh in the mind - have you considered shared equity ? There were plenty of adverts in the Metro newspaper yesterday for people in your situation and it seems that you can get a £100k house/apartment and pay 10% deposit of 50k and pay a rental on the other 50% at quite affordable rates ! Its worth looking into to get you on the ladder mate :)

DO NOT DO THIS

 

[The Ox]

I read your post before work yesterday so it was fresh in the mind - have you considered shared equity ? There were plenty of adverts in the Metro newspaper yesterday for people in your situation and it seems that you can get a £100k house/apartment and pay 10% deposit of 50k and pay a rental on the other 50% at quite affordable rates ! Its worth looking into to get you on the ladder mate :)

DO NOT DO THIS

That was blunt LOL
Was not advice it was highlighting a possible solution to his problem. Maybe you should advise him why NOT to do it so that he can see the pitfall as it was just something I saw :)

 

[The Fat el Hombre]

DO NOT DO THIS

That was blunt LOL
Was not advice it was highlighting a possible solution to his problem. Maybe you should advise him why NOT to do it so that he can see the pitfall as it was just something I saw :)

I've just heard a lot of bad things about it mate. The whole idea of paying your mortgage on half of it and then renting the other half (at a higher cost no doubt) is gonna pretty expensive and it would be shrewder to just get a cheaper place that can be 100% your own. I've read things like although the house is shared 50/50 if anything goes wrong or whatever it's you who has to pay full whack for evrything