Mortgage with no savings possible ?

I read a lot on the mortgage FB pages and yes I would say a record of savings is essential, unless the savings are an inheritance, a gift, a lotto win or some other way that you didn't have to save it. But instead of the savings record then you'd need to show you were either paying rent in excess of mortgage payment or an existing mortgage payment or some way of showing you can put away an amount that will equal the stress tested future mortgage payment.
 
ClubMan said:
Facebook would be the last place that I would look for financial advice.
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Well you can look at it that way but many named mortgage brokers are on the page so plenty of legit advice! Of course there are the loopers, you don't get as many on this page as on FB but nevertheless there is proper advice to be had there. Not everyone is financially savvy and there is no doubt it's not everyone that would post on Askaboutmoney!
 
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