Mortgages and deposists

KhalJimbo

Distinguished Member
Hi Guys

Just after some advice here, are there any 100% mortgages left? or close to 100% if not is it wise to maybe take a out a loan for the deposit?
 

eric pisch

Distinguished Member
if you take out a loan they will know when they do a credit check (unless its taken out by someone who is not linked to the mortgage)

with the markets in free fall and house prices on a steady decline I don't think it would be a good idea to A) buy a house unless its a bargain and you plan to stay in it B) borrow money to get the deposit
 

booyaka

Moderator
almost no such thing any more as 100% mortgage - pretty much 10% deposit down now everywhere.
 

avinitski

Well-known Member
I think you'll struggle to find any 100% at the moment Lloyds TSB even wanted 20% deposit from us 2 or 3 months ago.
 
I have recently moved into my first house......No such thing any more as 100% this is what has killed some of the big banks.

I would not risk taking out a loan to pay for something that your going to pay back to someone else. I was in the same boat as you last year.

I kept my head down worked hard and saved up. 1 Year later I now own my 1st house and was able to stick a deposit down.

I would either save or do something else. Buying a house today without a deposit is loing gone.

Good luck and all the best.
 

dan1979

Well-known Member
if not is it wise to maybe take a out a loan for the deposit?


You can't really think it would be that easy to get around!

Any credit you take will be visible on a credit search and deducted from your affordability when assessing the loan. On the slim chance the loan wasn't showing you'd be committing mortgage fraud by not mentioning it in the section of the application that asks for such details.

Many people have had a mortgage offer in hand, then gone out and racked up loan and credit card debt. When a delay has necessitated a new mortgage offer they've been turned down following a new credit search. Some lenders might now complete a mortgage unless they have a credit search done within the last three months on you and therefore redo it without you realising.

I don't follow the rates any more but 95% was the best on offer previously but the rates are very high.
 

lord-dudester

Well-known Member
halifax and nationwide will still 95% in branches only, also bristol and west building society are doing their 'first start' mortgage at 95% too (needs a guarantor under 60 will full income though)

the rates on all of them are pretty brutal though, as are the fees

you can still buy without a deposit, halifax sill accept vendor and builder gifted... but its risky, so get some good proffesional advice first

drop me a PM if you need any friendly advice, im a mortgage broker, with plenty of time on my hands!
 
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