There are still zero deposit mortgages out there

If you're researching low deposit mortgages then you've probably come to the realisation that they are starting to get quite rare. Banks just aren't willing to take the same risks as they once were, which means first time buyers are stuck in a quandary.

To get your first home, you're going to have to raise a deposit, generally in the region of 10%, possibly more. This is a far cry from just three years ago when certain institutions were offering 125% mortgages! No wonder banks are in the trouble they are in.

Getting your deposit together can be tough work, but we've put together a brief guide to try and help you secure this finance, even if you don't have any cash to hand. For starters, you could try reclaiming Payment Protection Insurance.

A lot of PPI policies were mis-sold to consumers, so they are in a position to get compensation. If you want to make a claim to be refunded for your PPI, then visit this website - http://www.ppirefund.com/makeaclaim.aspx?affiliateid=12328.

Getting a loan from parents or grandparents is the time honoured way of rustling up a deposit for a home. So why not ask them? If they don't have the money to hand, then they could consider a re-mortgage, or even an equity release scheme.

There's always the option of taking on extra work, or developing an extra income stream, so make sure and do your homework, so you can start building up reserves for that dream home you covet!

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