Mortgages without a deposit - an attractive option
Everyone wants to get on to the property ladder at some stage, but it can be a difficult step to make with huge financial demands. Mortgages without a deposit provide the perfect opportunity for many people to own their own home.
Traditional mortgages usually require the borrower to provide around 5 per cent of the cost of the house as a deposit. In today's economic environment that can be a difficult sum of money to obtain. Mortgages without a deposit allow you to borrow the full amount needed to buy a house without stumping up anything for a deposit.
Mortgages without a deposit are very popular with first-time buyers. This is the group of people who usually have the hardest time finding a large chunk of money for a deposit, so mortgages without a deposit provide the only viable option for them to purchase a house.
When mortgages without a deposit are combined with some of the grants that are available to first-time buyers, a home can be easily purchased without a major dent in your finances. This is a fantastic incentive for many people to make the leap of faith that comes with getting on the property ladder.
You can apply for a 100 per cent mortgage, as they are also known, from many different lenders. Don't be afraid to shop around because many lenders offer different features and benefits to their mortgages without a deposit, such as fixed interest rates, a redraw facility, different mortgage limits and no monthly fees.
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