Buying a house without a deposit?

[FnG]magnolia · 22 Mar 2011 at 20:19

Have you lived with her before?

PhillyDee · 22 Mar 2011 at 20:29

Scam said:
PhillyDee, you seem to be in quite a rush and looking at things in a very short-term way. Most people buying homes (especially now) would be looking at saving hard for a good few years to get the deposit required. I'm amazed you've actually looked at houses without even knowing the inside-out of how you pay for one (re. deposit required etc.)

I am perfectly aware of how much it costs! I know there are schemes around, such as part renting or whatever, I was just wondering if there were alternatives to the mortgage only mindset.

I am more than aware of that costs what, my home is currently rented, and of course, no one knows the circumstances (which are very very complicated, and not for this forum to know!). Trust me, relationship is rock solid, 7+ years going strong. I earn more than enough to buy a property, but as said, currently do not have a deposit, and will have to find one, this means saving, I am aware of that. The mortgage is easily affordable, the costs are affordable, and comfortable. The only thing missing is the deposit. Which requires time that just currently isn't there.

It really does amaze me how quick GD seems to degenerate into nit picking.

MrMoonX · 22 Mar 2011 at 20:35

[TW]Fox;18727552 said:
£500 a month for rent - £250 each - sounds cheap to me not expensive

you couldnt even rent a studio flat round here for that! :eek:

iamtheoneneo · 22 Mar 2011 at 20:36

Well you are being a bit silly...regardless of these 'magical' circumstances that seem to have you in this idea that you need a house now the fact that you think you current rent is cheap and complaining that you have living expenses sounds to me that you are not at all ready for the challenges of owning a house.

I think you should be looking more at your life style and job then trying to go on some crusade to find a house with zero deposit.

Oh and rent here is £900 a month

mrbios · 22 Mar 2011 at 20:38

As someone who bought a place and now rents it out while living elsewhere i can definitely tell you to rent!

You've not mentioned if you've lived together before but it's not worth buying into something as big as a mortgage until you're absolutely certain that you will be spending your lives together. There are only two downsides to renting, one is that the money you pay isn't building up as a sort of savings, albeit very slowly! (it's only a miniscule amount of the amount you pay that comes off the actual worth of the house anyway! majority of your monthly payment is just going on interest!) and the other is that you can't make too many changes to the property - but then again depending on the landlord some don't mind.

I got a 95% mortgage in 2007, i'm now regretting it and wish i had rented first followed by saving for a place, and i'd tell anyone else they should do the same! UNLESS you can afford a nice big 3 bed semi or detatched house.

PhillyDee · 22 Mar 2011 at 20:39

iamtheoneneo said:
Well you are being a bit silly...regardless of these 'magical' circumstances that seem to have you in this idea that you need a house now the fact that you think you current rent is cheap and complaining that you have living expenses sounds to me that you are not at all ready for the challenges of owning a house.

I think you should be looking more at your life style and job then trying to go on some crusade to find a house with zero deposit.

Oh and rent here is £900 a month

Again, no one knows the circumstances.

I have requested that this is locked, due to going around in circles. This is detracting away from the original question.

[TW]Fox · 22 Mar 2011 at 20:41

PhillyDee said:
I have requested that this is locked, due to going around in circles. This is detracting away from the original question.

You mean you don't like the answers people are giving you.

Everything people have said in this thread has been spot on.

The answer to your question is 'No'. There is no magic way of suddenly getting a house deposit without saving up for it like everyone else has to.

PhillyDee · 22 Mar 2011 at 20:41

mrbios said:
As someone who bought a place and now rents it out while living elsewhere i can definitely tell you to rent!

You've not mentioned if you've lived together before but it's not worth buying into something as big as a mortgage until you're absolutely certain that you will be spending your lives together. There are only two downsides to renting, one is that the money you pay isn't building up as a sort of savings, albeit very slowly! (it's only a miniscule amount of the amount you pay that comes off the actual worth of the house anyway! majority of your monthly payment is just going on interest!) and the other is that you can't make too many changes to the property - but then again depending on the landlord some don't mind.

I got a 95% mortgage in 2007, i'm now regretting it and wish i had rented first followed by saving for a place, and i'd tell anyone else they should do the same! UNLESS you can afford a nice big 3 bed semi or detatched house.

See, much better advise. Not that I am going to follow it

.
We are certain, we hate to spend any time apart anyway, and she lives round here when it is possible to. If circumstances were different, we would have been living together years ago! I have spent a lot of money setting up a business, which is easily self sustaining now. However, not yet big enough to take money out of (unfortunately!) as a decent dividend!