Buying property im currently renting

[misscleggy]

I am considering buying the property I am currently renting. The monthly mortgage repayments would be what im curently paying now in rent. my trouble is getting on the property ladder, with me being a single person, with a single wage & not a great deal to put down as a desposit.. is there anyway around it or anyone to go to who would be considering lending me the money, going on what I've paid monthly in Rent. Any suggestions. Thanks.

[morbidstorm]

Hi Misscleggy - you could try speaking to your bank. explain that you may need a 100% mortgage, and ask if they have a mortgage that covers solicitors fees - then your outgoings are minimal.
Have you spoken with your landlord/landlady about how much they want for the property? If so, tell your bank what you would need to borrow, and see if they have a rate which would mean you pay back the same or less than your rent costs.
Good luck - it is hard to get on the ladder at the moment - I hope you do it.x

[Miss-taken]

Hiya

I've just bought my first house and I am also on a single wage so it is possible. I was lucky in that my family gave me a 5% deposit but I still could have managed without that. The key is to get a mortgage that is longer than the standard 25 years - mine is with the Halifax and is over a 40 year term. This may sound a long time but mortgage deals are generally only tied in for 2 or 3 years and so you could easily change the length of the term in a few years time when you either have a bigger income or a partner to share bills with!

Hope this helps