Overtime, getting a home has been one major milestone an individual can take pride in getting by. Most especially if you have a family, you would consider getting a home as a major need and once this is done. You would be greatly relieved. The reason by which getting a home remains a feat that seems so out of reach is because of all that is required to get one. It would mostly cost you a good amount of money to purchase one. With other expenses that you are bound to run into, after your purchase. It is always one major step in one’s life process that is definitely well-thought out and planned. But what if you can buy your first home with no money down , you can now get of all the lines on your face, and live easier if you can purchase a home Now.
In the United Kingdom it is very possible to buy a house with no money down, with just some few things that you can get arranged. Firstly, in buying a home with no money down, you would endeavor to meet all the criteria that makes you eligible of a 100% Loan to Value which also means No deposit mortgage. Most times, even if such mortgages are rare these days, they are available. If you happen to be interested in this and you find one which is available, you would have to get a guarantor. Mostly the guarantor is expected to be your family member.
Also this family member would have to own a home that would be named on the mortgage, this ensures that your guarantor is being put at risk if you fail to make your repayment on time. The guarantor would or should be able to put 10% of the mortgage payment in their savings bank, so that in the case of default of your payment, this cash can be recovered. Now, How to buy a house with no money down just go better because the guarantor would definitely be able to get his money back even with interest, after three years as long as you keep paying your mortgages.