Any Mortagage Advisors On The Forum?

[simonas]

Just thinking out loud really I left my wife and mortgage last April and have rented since, in a few months my financial situation will improve and I want to consider buying a small house instead of rnting as Im paying £425 a mth already for a tiny house. I could probably buy a slightly bigger one on this area for £90k.

Are the banks etc still reluctant to end and are there any 100 % or 95% mortgages out there or are they like hens teeth since the economic collapse?

 

[coldcazzie]

You won't get a 95-100% mortgage. To be in with a chance of being offered an AIP you'll need to be looking at a minimum of 15% deposit, preferably more like 20-25%.

It's dead annoying cuz renting is dead money, but while you're renting the rent is so high you can't really afford to save up the kind of deposit needed to buy. We pay the same on our mortgage for a 3 bed semi with loads of land as my friend does in rent for a 2 bed flat

What are your outgoings like? Can you trim the fat anywhere and put what you save away for the next year?