Have lenders stopped giving 100% morgages to first time buyers?

The property i'm interested in costs £120k. Raising a 12k deposit would be really tough right now.

Does anybody think I should wait to see if 100% morgages will come back after the credit crunch has calmed down??

Cheers

Hi, it might be possible to apply for an unsecure loan for the deposit of the property then take the rest out as a mortgage. Of course this would be an expensive route to take and you might not even qualify for the full deposit amount. chances of 100% mortgages being reinstated are low. They are planning on reducing 95% mortgages too. So don't wait for the market.

i hope this helps.

Priya

There are no 100% mortgages now and I cant see this type of mortgage comming back within the next year. Best speak to a whole of market mortgage broker they will tell you how much deposit you will need. The best mortgage rates are avaliable for people with 25% deposit or more.
If you need mortgage information have a look ay my website www.jp-financial.co.uk

There are no longer any lenders offering 100% loan to value products.

However, there are various schemes aimed at first time buyers that can enable you to purchase a property without a deposit.

For example there is a scheme where the govenment will lend you anywhere between 15% and 50% of the value of the property to use as a deposit. This is leant at an extremely low interest rate and allows you to go to any mortgage lender you chose to get the mortgage for the rest of the purchase.

I am an independent mortgage broker and would be happy to have a chat with you about your options.