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want to get home loan


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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! 

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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.

:wub: Get Mortgage Advice from my Team at Bespoke Finance on 08009202001 or email hello@bespokefinance.info 
:ph34r: 
Please don't take my messages on Property Hub as Personal Financial Advice, just a rambling guy passing time on a Coffee Break.
 

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