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Getting a mortgage

(5 Posts)
Youngmystery Sun 28-Jan-18 18:27:27

I used a mortgage calculator for my bank today just because I was curious, not actually looking to buy a house. But I had been told by an advisor in the bank its easier than people think to get a mortgage.

Seems to be because they don't seem to care about me having a deposit. I can get a mortgage big enough for a good 2-3 bedroom house in this area with no deposit at all. Just need a credit check and I would get it. Dunno what the repayments would be though.

I'm not going to obviously, but isn't this basically the way the crash happened before? Giving money out to people who can't afford it? I could see someone less careful taking the offer really. Is this the norm now, you don't need deposits?

cshayes Mon 29-Jan-18 00:42:47

Hey,

Although the online calculators are a good way to see what you could borrow, it's always good to speak to someone to check, either an independent mortgage advisor or someone at the bank.
It's unknown this day and age for people to still get 100% mortgages (ones without deposits)
Most mortgage companies will require a 10% deposit but few ask for 5% but you often find that the higher deposit, the smaller percentage you pay back immediately which is better for you as a buyer.

TroubledTribble28 Mon 29-Jan-18 00:49:02

That really hasn't been my experience Op, we're currently having a hard time because we have only £7000 deposit and want to borrow £60,000. It's a difficult situation. Oddly enough it's becoming increasingly more difficult to rent too!

Youngmystery Mon 29-Jan-18 21:10:36

Yeah that was my thinking too, but this guy was pretty certain I could get one. This was last year though when I was applying for a loan. They wouldn't now that I have the loan, but if I didn't I do wonder if they would be that stupid. I wouldnt be, just wondering more if they would.

Whisky2014 Mon 29-Jan-18 21:11:59

The calculators are a guide to show rough repayments. If you then proceeded i think youd find you do need a deposit.

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