FIRST-time buyers can now get a mortgage with NO deposit at Halifax, as long as a family member contributes 10 per cent of the property price from their own savings. But as a perk for lending the c…
FIRST-time buyers can now get a mortgage with NO deposit at Halifax, as long as a family member contributes 10 per cent of the property price from their own savings.
But be warned that you can't take the mortgage with you if you move as you'll no longer qualify as a first-time buyer, although you may be able to port the rate as long as you qualify for Halifax's standard lending criteria at the time. After the three years, whoever helped you with the funds will be refunded their 10 per cent plus the 2.5 per cent interest.
Websites like Moneysupermarket and Moneyfacts have mortgage sections so you can compare costs and all the banks and building societies have their offers available on their sites too. You'll also have to decide on if you want a fixed-deal where the interest your charged is the same for the length of the deal or a variable mortgage, where the amount you pay can change depending on the Bank of England Base Rate.
And while you might be tempted to get a mortgage without a deposit, they tend to be more expensive than other deals, so you could be better off saving up instead.The "no deposit mortgages", which often means a family member is brought in as a guarantor to get around tough restrictions, used to be really common.
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