Need Suggestions for First Time buy?

[brayan]

Hi all,
I'm 19 years old, earn 12500 a year in a secure job. I have no money for a deposit and I want to buy the council house I've lived in with my single parent mother for 18 years.

Buying the house seems an opportunity not to miss, as the discount we would receive is immense due to the time we've rented from the council.

Currently I have no idea what price they would ask for the property but I know it would be in the vicinity of 60 to 100k.

First question is, how difficult will it be for myself to find a mortgage of this amount?

Second question is, I understand having a deposit would decrease my interest on the mortgage, can I take out a loan and use it as a deposit?

Your help is greatly appreciated,
thanks!
Brayan

 

[bryant]

Hello Brayan,
I would not take out a loan for a deposit as it would probably at a rate higher than the mortgage. First you need to find out what they will let you purchase the house for, then you need to find a good all of the market mortgage broker who will be able to give you advise regarding how much you can borrow and what type of mortgage is best for you.
keep in touch
Bryant