MikeLamb
Member
Registered: 23rd Sep 03
Location: Crowthorne Drives: Veccy SRI
User status: Offline
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Hi,
Looking to buy my first house/flat or just move out asap and trying to figure out the best thing to do. I could rent but would rather be paying my own mortgage than someone elses...
I earn £1,800 a month after tax, contracted to go up to £2600 a month after tax in 2 years, I have £3k in the bank and no debt, also I recently spanked £1k on furniture, etc ready to move in somewhere.
Main prob is I live near Reading, so £140k for a 1 bed flat. I spoke to my bank (HSBC) and they want a 10% deposit, which wouldn't happen for 8ish months, and I want to move this side of xmas.
Anyone know anywhere that does near 100% mortgages? I can afford the repayments, just the deposit is the killer!
Thanks
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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95% is more possible, if you have 3k and you would only need 4k more for the deposit.
However you also need to factor in stamp duty at that price (above £125k), arranging fees, solicitors fees, etc You'll need £4000 for that lot.
if you can raise the 5% deposit + have cash for the costs then you'll be in a better position than taking out a 100% mortgage
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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halifax do 97% but will charge you an extra 1700 on your mortgage for the privillage
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--DAN--
Member
Registered: 3rd Feb 03
Location: Bottesford. Drives;3 Series
User status: Offline
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Get to an independent financial advisor mate.
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