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Cost Mortgage

Want to buy a home but don’t have a deposit?

Want to buy a home but don’t have a deposit?

Don’t give up on your dream home just yet. Here are some loan options that might work for you.

105% Guarantor Loan

You can borrow up to 105% of the purchase price, so no savings are needed. However, you do need a parent to be a guarantor using their property to secure your loan.

Equity In Another Property

If you already own a property, you can use the equity you have built up to secure another mortgage with no deposit through refinancing.

Gifted Deposit

You may not be able to save up a deposit yourself, and your parents may not be in a position to act as a guarantor. However, they may be able to give you a gifted deposit worth 5-15% of the purchase price.

Personal Loan Deposit

In some instances, you can borrow 95% of the purchase price as a mortgage and then the additional 5% deposit as a personal loan. Banks will only consider this option if you have a high income, low debt, and good credit history.

first time home buyer no money down

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