Want to desperately buy property however no deposit

S

sumosi

Guest
Hi Please can someone advise the best way (or if at all possible ) to buy a property (2 people) without a deposit ? Or would the save to borrow option be my best bet to obtain the deposit? We are starting off both have quite good jobs really want to buy a property but no deposit :(

Thanks!!! Have a great day
 
You can't. No one is going to give you a mortgage without a deposit. You'd want to have at least 10% of the price down. Taking into account you also need cash for the stamp duty, solicitors fees, etc, you would want to get cracking on saving or ask your parents nicely.
 
peteb said:
You can't. No one is going to give you a mortgage without a deposit. You'd want to have at least 10% of the price down. Taking into account you also need cash for the stamp duty, solicitors fees, etc, you would want to get cracking on saving or ask your parents nicely.
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Even asking parents nicely these days isn't enough. If you can't show that you've at least some of the deposit yourselves over a period of time, getting a mortgage will be very difficult if not impossible.
 
sumosi said:
Hi Please can someone advise the best way (or if at all possible ) to buy a property (2 people) without a deposit ? Or would the save to borrow option be my best bet to obtain the deposit? We are starting off both have quite good jobs really want to buy a property but no deposit :(

Thanks!!! Have a great day
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You could buy a tent.

ONQ.
 
The banks want to see that you can actually afford to save. They would need to see regular savings and they would also need to see any current outstanding loans. You cannot get a mortgage without the necessary savings.
 
sumosi said:
Hi Please can someone advise the best way (or if at all possible ) to buy a property (2 people) without a deposit ? Or would the save to borrow option be my best bet to obtain the deposit? We are starting off both have quite good jobs really want to buy a property but no deposit :(

Thanks!!! Have a great day
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Sumosi - Welcome to the new reality check, the days of the 100% + mortgages are well and truely over.
 
It's almost impossible to buy without a deposit these days. Note as well that unless both of you are first time buyers, you'll have to pay stamp duty as well, + solicitors fees, engineers fees etc. Realsitically, if the house was going to cost €200k, you'd need to have at least €20k saved to cover off the minimum deposit a bank might look for + costs
 
Mpsox said:
Note as well that unless both of you are first time buyers, you'll have to pay stamp duty as well
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All buyers must now pay stamp duty of 1% on houses up to €1million, 2% on balance, regardless if first time buyer or not
 
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