Are there any first time buyer schemes where you don’t need a deposit for your half of the mortgage?
Tuesday, January 19th, 2010 at
11:26 am
I’ve found lots of schemes where you own 50% of the property but I don’t know if you then need a deposit for your half of the mortgage or if it comes out of the 50% owned by the other person (eg the government)? We’re desperate to get on the property ladder! Can anyone help?
Thanks!
Sell House Quick
Related articles:
- First Time Buyer – Mortgage Question. Please Help. My brother & I are trying to buy a house at the moment. (I live with my parents & he’s renting). We’ve...
- First time buyer mortgage advice? Hi me and my partner are first time buyers....
- Help on getting a poor credit first time buyer mortgage? Me and my partner are desperate to buy a...
- As a first time buyer how much mortgage could I get? My salary is £17k and I could get a...
- Can a first time buyer co-sign on a mortgage without losing their first time buyer status? I’ve been asked to co-sign on a mortgage for...
Tagged with: First Time Buyer • mortgage • Property Ladder
Filed under: mortgage
Like this post? Subscribe to my RSS feed and get loads more!
Hey hunny, i am currently right in the middle of buying a shared equity home with a housing association i will own 75% of the property and no we did not need a deposit to put down!
Good luck go for it i’m sure if i dont need a deposit for 75% then you surly wont need one for 50%.
(just thot i’d mention i am in Scotland tho – not sure if it may be different in England, Ireland, Wales or anywhere else)
xxx
In the United States, there are plenty of variations on shared equity in which the resident buyer doesn’t need a deposit for his/her half of the mortgage. That’s one of the advantages to such programs: One person lives in the property and makes the payments; the other lends his/her credit, provides a downpayment, and receives a portion of the profits upon sale.
By the way, everything’s negotiable–percent of property ownership, amount each person puts down, who’s responsible for repairs, and so on.
Hope that helps.