Mortgages without a deposit

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Do they exist? Have some money saved but not enough.

I think you'd need some deposit I'm afraid. How much have you got saved up and how much do you want to spend?

A general rule of thumb that I've heard is 15-20% deposit, then you can borrow 4-5x your annual salary.

No, which is a good thing. Lenders are having to be much more cautious to try and avoid another crash.

You can still get a mortgage with a 5% deposit, try smaller building societies like Leeds or Newbury. Or look at one of the government's help to buy scheme.

Also mortgages are not just based on salary multiples, it's based on affordability. So they look at your income and your outgoings and come up with a figure. You could be earning £60,0000 a year but have lots of debt and loan repayments.

Eek I don't have much saved. About £3000. Looking to buy at ninety or less. Thanks guys - need to get a bit more clued up on these things.

Five percent is the absolute minimum but you will need a fantastic credit history and the rate won't be great. As a rule of thumb you should be aiming for 10%, then you will need another couple of k on top for legal fees and expenses.

Ah yes, you will need about £1,500 for fees and searches alone.

You might find this helpful:

www.moneyadviceservice.org.uk/en/categories/help-with-mortgages

I'm an estate agent and you do need a deposit. Me and my partner managed to save up about £6k for a 5% deposit on a house and we only pay £480 a month mortgage but we got the mortgage for 40 years and we are over paying each month to make sure we get the 10% for when we mortgage next year.

I would recommend speaking to a mortgage broker because most are whole of market and will know which lenders you would be able to get something with and give you a realistic idea of affordability for your situation

A deposit is protection for you and the bank against negative equity (the amount owed being greater than the value of the house) in the event of a price crash.

100%+ mortgages were available when everyone thought the chances of a price crash were too tiny to bother with. I don't think that those days will come again.

Only if you use RTB or RTA, then the discount is your deposit.