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Buying a 2nd Home - No Deposit

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  • Buying a 2nd Home - No Deposit

    Hi

    Is it possible to buy a 2nd home with no deposit. I have a growing family so we are looking to purchase a larger home. We have about 85 LTV on current property.

    We want to rent this property out which will easily cover current mortgage payments with money left over.

    Any advice would be great.

    Thanls

  • #2
    Re: Buying a 2nd Home - No Deposit

    Hi Gaz,

    You've got several issues here:
    - all purchases require a deposit, usually it's at least 10% - though I do have access to a 5% deposit scheme.
    - you'll also need to gain permission from your current lender to let the property out.

    If you can gain the permission and have a 5% deposit then please let me know and ill advise you on how to proceed.

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    • #3
      Re: Buying a 2nd Home - No Deposit

      Sell your current home and move!
      Why give yourself all this hassle.
      The financial crisis is not over.
      inflation will take off soon, interest rates will have to rise and anyone with home loans will get hurt, especially as property rpieces crash again.

      It's coming, believe me, September 2017, you heard it here first!
      BRAND NEW HOMES
      Information for UK new home buyers
      New Home Blog The latest news and views

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