Ways to get a mortgage as a buyer that is first-time without a deposit)

Ways to get a mortgage as a buyer that is first-time without a deposit)

Longing to possess your home that is own but afford a deposit? They are the criteria banks use when taking a look at candidates for a bond that is no-deposit.

Article summary

  • Banking institutions typically use extremely criteria that are strict taking a look at home-loan candidates who possess no deposit because they are considered considerably riskier.
  • The most common demands for zero-deposit borrowers can include a clean credit score, a stronger payment history, stable employment and a standard kind and location of prospective property.
  • Guarantor loans are perfect for borrowers who possess a constant borrowing capability and earnings, but lack the way to gather the deposit that is initial.

For most people, purchasing a house is component associated with the great South dream that is african. Yet using the high price of residing, saving for the deposit could be extremely hard.

Certainly, you’re not alone if you fall into this category of homebuyer. “Nearly half of all applications gotten by ooba come from purchasers who’ve no usage of a deposit,” says Kay Geldenhuys, Property Finance Processing Manager at Southern Africa’s largest relationship originator. Continue Reading