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Is it possible to find mortgages for 0 deposit in 2011?

A few short years ago, mortgages at 0 deposit seemed to be the rule rather than the exception. Banks and lending institutes were doling out zero deposit mortgages, even mortgages as high as 125%, to anyone who asked so it seemed. However the reality of this practice soon hit home and it quickly became apparent that continuing to offer such terms was a recipe for disaster.

The 125% zero deposit mortgages quickly dried up, instead becoming replaced with 40% deposit mortgages with high interest rates and strict terms. This made it very tough for first time buyers to make their way onto the property ladder, and in turn caused a huge downturn in the value of houses throughout the United Kingdom - after all, if nobody could afford the terms of a mortgage, then who was there to buy these houses?

As things began to improve globally, so too did they within the mortgage industry, and although things are a far cry from those care free days of just a few years ago they are improving. But the question is how much have they improved, and is there any option out there for someone who simply cannot afford the deposit required for a mortgage?

Surprisingly, the answer is yes, although there certainly aren't many companies offering such a service, Homebuyers Advice Centre Ltd. (registered number 3429646 in England) claim that they can offer zero deposit loans to everyone, even those with a bad credit history.

While they don't list any exact figures, there is a mortgage repayment calculator available on their website at www.hacmortgages.co.uk which you can use to give you a rough idea of the monthly cost you can expect with them.

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