How to get a mortgage as a first time buyer?

I am a first time buyer with a low credit history , had CCJ 3 years ago and paid all my debts off.,.. What i earn stays in my pocket at the moment as i am sharing with a friend…
I would like to know if i still be able to get a mortage even though i have no savings, as i have just finished my debts….
Can you please let me know ?
Many Thanks to all.

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4 Responses
  1. Pete says:

    Not having a deposit is the biggest problem, I think the most you can get is a 95% mortgage…I would keep saving, prices will continue to fall for the next year at least.

  2. jds792 says:

    You probably can’t get one at any kind of reasonable rate unless you save up at least the 3% FHA requires. At that point you may be able to qualify.

  3. John M says:

    You need at least 5% for a deposit, and thats with a squeeky clean credit record, credit check yourself and see what comes up. The CCJ can take up to 5 years to "fade" from it. It could be possible but very difficult to source a mortgage due to that CCJ. Find a good, reputable, independent mortgage adviser once you have a deposit and dont let them charge you an outrageous fee!

  4. Pengy says:

    In todays market a snowball has a better chance in hell than you do

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