Is there a percentage of a house deposit i need to be eligible to get a mortgage?
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georgeiswhoiam
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
it is possible now to get a mortgage with only a 5% deposit but there are very few lenders active in this market and the rates are very high even compared to a 10% deposit.
if you have a family member that might be willing to act as a guarantor, there are options that can help whereby the guarantee need only apply to the shortfall in your deposit rather than the entire mortgage debt.
there usually needs to be a strong relationship between you and the guarantor - ie parent:child
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if you have a family member that might be willing to act as a guarantor, there are options that can help whereby the guarantee need only apply to the shortfall in your deposit rather than the entire mortgage debt.
there usually needs to be a strong relationship between you and the guarantor - ie parent:child