“I don’t have any cash to spare. Can I get a mortgage without a deposit?” If you’ve ever asked this question, here’s what you should know about no deposit mortgages and whether they’re available to you.
Can I get a mortgage without a deposit?
It is possible, yes. They’re called ‘0 deposit mortgages’, or ‘no deposit mortgages’, and they allow you to borrow the full purchase price of a property without putting any money down.
Why is this different from most mortgages? Well, most lenders expect you to put down at least a 5% or 10% deposit before they’ll offer a home loan. However, some buyers simply don’t have the resources (or the time) to save. In such cases, no deposit mortgages can help people to get on the property ladder sooner rather than later.
Who can get a mortgage without a deposit?
Here’s the thing. While no … Read more