2nd time buyers and 100% mortgages

[matc66]

Hi,

Are 100% mortgages (or as close as) strictly only available to 1st time buyers. I am looking to move home while keeping my current house, basically upgrade. But achieving the amount of cash for a deposit would be difficult in the short term. Yes, I could save for years for it but I wanna move now!

Thanks,

 

[CCOVICH]

I don't think you will get 100% finance. Why do you want to keep your current home? Could you sell/remortgage to raise some cash?

 

[matc66]

Just trying to develop some assets by keeping my old home.
Do you mean remortgage my current home in order to raise the deposit for a new one? Would that further compromise the size of mortgage I could get.

 

[ClubMan]

Have you read this thread?

 

[matc66]

Thanks for the link Brendan, only just finished reading it, lots of food for thought.
As is:
http://www.askaboutmoney.com/showthread.php?t=24708
Still think I'd like to hold onto it and rent it out putting rental income against mortgage. I can always sell later and reduce my mortgage.

 

[ClubMan]

In spite of what some people seem to think, Brendan and ClubMan are not the same person.

 

[matc66]

Doh, sorry!