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Mortgage-deposit-help!!

(10 Posts)
Itsallaboutme3 Fri 24-Jul-15 21:52:01

Just posting on here because i am fed up and dont know what we can do.

Background info - have been renting for 10 years from council, now want to buy the house we are renting from them and have been offered a 10% discount with the right to buy (reason why we decided to buy this house was because we were struggling to save deposit whilst renting and bank told us the except the discount as deposit)!

Anyway, went to apply for mortgage etc and have been told we need a 15% deposit which means we need another £6000! There is no way we can save this whilst we are renting at the same time. We have a good income a s have been offered a lot more for the mortgage than we actually nwed it is just the deposit! Dont really know what to do now, just give up and carry on renting forever 😔

purplemurple1 Fri 24-Jul-15 22:06:05

Could you take a separate loan for the deposit? Or is there anyone you could borrow any of it from?

Itsallaboutme3 Sat 25-Jul-15 10:15:25

Thanks for your reply

We don't have any one we could borrow such a large sum from and apparently you cannot get a loan to use as deposit as this affects your credit rating to get the mortgage

Rangirl Sat 25-Jul-15 11:21:12

Have you tried a Mortgage Advisor

RedHelenB Sat 25-Jul-15 12:25:56

Just save what you can, you'll get there eventually.

purplemurple1 Sat 25-Jul-15 17:45:23

You can get a loan for a car though or a holiday or would the repayments make the mortgage to expensive?
I'm not sure that's really allowed but I'm sure lots do it.

LIZS Sat 25-Jul-15 18:57:13

The repayments would be lower if you had a higher deposit. How affordable is it really in comparison to the rent you are paying. Bear in mind interest rates are set to rise. You need to look hard at your incomings and outgoings. What can you pare back, can you increase your income to generate the extra required. How long is the rtb offer open for, can you hold on and save up.

FuckitFay Sat 25-Jul-15 18:59:24

Have you applied for just one mortgage product (ie through bank) or have you contacted an independent financial advisor who will search numerous products and recommend ? If an IFA I'd try another IFA!

FishWithABicycle Sat 25-Jul-15 21:43:56

It wouldn't be at all sensible to borrow the deposit anyhow - not at commercial rates. Do either of you have parents who are home owners? Some banks will let you get away with a lower deposit if your parents offer additional security.

Are you limited as to where you get your mortgage. I'm surprised they want such a high deposit as the fact you are getting a RTB discount should mean there is a better LTV.

happyh0tel Mon 27-Jul-15 00:16:31

www.moneysupermarket.com/mortgages/hubs/first-time-buyers/how-to-raise-a-deposit/

www.bbc.co.uk/news/business-23234033

www.bbc.co.uk/news/business-32884747

also suggest www.moneysavingexpert.com to look at mortgages calculators & savings rates

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