our buyers have no deposit is this bad news?

[overdraft]

selling house to first time buyers and have found out this week they are getting a 100% morgage but don't have the deposit for us.What does this mean to us?anyone have experience?

when we bought our house we had a 100% mortgage. It makes no difference to you as the bank pays the mortgage which means you still get your money for the house...just means instead of having to have 10% in savings they dont need it.

We bought ours with a 125% mortgage. All it meant in terms of the sale, was that we exchanged and completed on the same day - we were buying from people we knew so that was ok with them.

not done this much but on exchange there is supposed to be a 10% deposit paid as a guarentee by the first buyers and this then gets passed up the chain ???

this is a worrie as they have only just announced it 4 weeks after the offer.They have had a survey done and got a morgage offer.

the deposit will be held in the conveyancing solicitors client bank account, there are nor real problems in exchange and complete on the same day, except it does feel a bit seat of pants as they could drop out at the last minute or hold you to ransome

a deposit on the other hand doesn't have to be 10% it can be any agreed amount

beetroot is right-our buyers buyers had no deposit & when I queried it,was told that this is the only difference it would make.

we had a 100% mortgage for our first place. Didn't have any bother

hope the rest of the chain agrees to this then i really don't need anymore stress.Thanks for your replies

if the house prices ever come down i will be a ftb with 100 % mortgage too. Purelky for the fact that thee is no way i can save up anywhere near enough for a deposit. but then i would only make an offer on a houise i was a trillion percent going to buy

I'm slightly surprised it is still possible to get 100% mortgages in the current climate - negative equity and all that.