want to get home loan

[harvey34]

I want to buy a home, but don't have enough money for a down payment. How can I get a loan?

[Sam_F3]

22 hours ago, harvey34 said:

I want to buy a home, but don't have enough money for a down payment. How can I get a loan?

Work out what's the maximum amount you can afford to pay each month and speak to a broker to see what loan amount that translates into based on your circumstances. Then save the money for the minimum deposit required! If you don't have the capacity to save for a deposit, don't get disheartened!! Millions of people rent (for life) and there is nothing wrong with that!! Just look at Germany and other European countries where people are not obsessed with home ownership like in the UK and they rent for life and are completely happy with it! 

[Adam Hosker]

It's not impossible @harvey34 but for most its impractical. As once you take out a loan for down payment, this decreases the amount you can borrow from a mortgage lender due to affordability. You have an extra monthly commitment.

The lenders that allow a "loan" as a deposit for residence is also few & far between.

There are other options such as Gifted Deposit from family/friends, or even loaned deposits but those are more rare. You can also look at the Help-to-Buy Scheme (or simular private schemes) that allow you to put a deposit down of just 5% of the property value.

A chat to a mortgage adviser is the first place to start realy.

[bjornos]

You just have to prove your ability to work for the bank where you want to take the mortgage. For example, you can provide them with your last six months' salary at your firm. It must be a certified firm, and you must be working there legally.