Advice needed on mortgage (first time buyer)

my son and partner are currently private renting (£500 per month) and they know they can get a mortgage but they have no savings ( due to a new baby) so have no deposit, unfortunatley we or other family members cannot help them and if they take out a loan thats an extra payout per month so there mortgage offer would decrease,

if anyone has any good advise please help

thanks

I had a mortgage agreed with Halifax a few years ago. It started at 100%, then fell to 80%, and for the house I wanted, I needed a £20,000 deposit. Unfortunately, the house I was buying was for sale by Halifax estate agents, and they wanted to see bank statements of me having saved the £20,000, and wouldn't let me use a loan, it had to be 'saved'.

I would definitely recommend seeing a good Independent Financial Advisor ; I saw a great bloke about 5 years ago who sorted out a really competitive mortgage, didn't charge me any fees and saved me a packet over what I thought I could find myself. They are not tied to any particular bank/building society so can find you the best deal at the time.

Hiya I dont think you will find anywhere that will give you a 100% mortgage now most places want between a 5-10% deposit at least.

They need to save - it's that simple I'm afraid!

I recently applied for a amortgage - there were some 100% ones but the rates and repayments were horrendous.

We also had to provide a lot of info as to where our deposit came from and show our monthly outgoings.

I doubt they will get one approved using a loan

I'm afraid it's a bit late now for them but.....

The time for saving for a house deposit, is when you're young and still living with your respective parents, before you marry and have children.

An alien concept today, I know.

More's the pity

What about part ownership schemes where you buy say 50% and rent the rest with the opportunity to buy more of a share as and when you are able?

Hi, we bought just before Christmas. We managed to get a 'vendor gifted deposit' (i.e. the vendor paid half the deposit for us). We got this through Nationwide. Some vendors are willing to do this if their house has been on the market for some time. It was all sorted through a mortgage advisor who was absolutely brilliant and worked really hard for us.

There has got to be reversion to 95% mortgages for first time buyers. If this happens these guys will have more disposable income because they won't have been tricked into very expensive and not required 'Payment Protection Insurance.'

We own a good percentage of some of the very large clearing banks. Why our government don't instruct them to start doing their job, is anybodies guess. The building industry needs a boost, not to mention the jobs that it would create, we have a housing shortage, am I missing something?

They will struggle to get a mortgage without 10-15k minimum nowadays unfortunately

You need a really good mortgage advisor, yes it will cost but it meant that I never entered a bank or building society and just had to sign at the solicitors. I was a first time buyer and also went with Nationwide...I had nearly a 50% deposit and banks like Abbey said I could have a mortgage of only £20,000 because I have a pension which was classed as another outgoing..even though it doesn't affect my net income...and means I am saving for my future!!!!..