Is It Possible To Get A Mortgage Without Having A Deposit?

I am looking to buy a house. The ones that I am interested in cost approximately £120000, however I do not have a deposit. I currently rent privately and pay just over £600 a month and cannot afford to save for a deposit. Is there any way to get a mortgage without a deposit or is there any other way around it? I live in the UK!

2 thoughts on “Is It Possible To Get A Mortgage Without Having A Deposit?

  1. I bought my first house 7 and a bit years ago and we had a 100% mortgage from the Royal Bank of Scotland. Unfortunately, with the current economic climate, I know that the majority of lenders (if not all of them) done away with the 100% mortgages.
    Have you thought about getting some advice from an Independent Mortgage Advisor/Broker?
    Plus, the amount that you’re looking to borrow you would need some form of hefty income, because if you WERE able to get a 100% mortgage, what you can borrow drops quite dramatically without any form of deposit. I think with us it cost us about 10-15k in difference from having no deposit. We bought our house for £58000 and if we had a deposit we could of gone up to about £70k but at the time it was practically impossible, we just got married and hadn’t long had a baby.
    Good Luck

  2. The only way to do it is to borrow the deposit from elsewhere, BUT you would have to be honest with the lender about what it was for, AND it is essential you could afford to pay it back. Otherwise you would risk your credit rating, your sanity and your home.
    Good luck

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