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Yahoo Expert Answers – Mortgage Deposit Information - 29th October 2009
We cant afford a deposit on a house :(?
me and my boyfriend of 4 years are ready for the next step by getting our own place together. finding a small cheap terrace isn't going to be a problem and getting a mortgage wont be either, well if we can find one that you don't have to pay a ridiculous amount for a deposit. now ive heard about this first home buyers scheme on the new houses where you don't need a deposit and you only need to get a mortgage of around 80% of the property then you pay the 20% after 10 years, i was just wondering if you can get this scheme when buying an older property? because im not keen on the new houses they've not got enough character :) plus how do they expect us to get on the property ladder when they ask for a 40% deposit! it seems that the only way is buying a new house, which will be hard as the nearest development is over 10 miles away :O
thanks guys
- 5 months ago
- The majority of these new schemes are for newly built properties.
http://www.direct.gov.uk/en/HomeAndCommu…
If you want to buy an older terraced house, you can do so with only 10% deposit if you have a good credit score and fit criteria. The rate will be around 7% for 5 years though! 15% deposit is better.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.uk
Source(s):
James Carter, Independent Financial Adviser, Independent James
James has 11 years experience working in the Independent Financial Advice arena. Mortgage & Protection advice have always been his main business areas and James’ vision for customer service entails a one to one service combined with comprehensive administrative support. James also holds the Advanced CeMAP qualification. James is a frequent provider of media and industry comment, including BBC’s Working Lunch, FT Adviser, Money Marketing, Mortgage Strategy and Mortgage Introducer magazines.