Why hardly anyone gets a 0% deposit mortgage

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No-deposit mortgages are a bad deal for most people

In theory, no-deposit mortgages sound like the deal of the century: Why bother paying rent when you can get a 0% deposit mortgage and buy a home with no money down?

Indeed, why save for a deposit on a house when you can just get a mortgage for 100% of the price?

• And, for that matter, if banks make their profits by charging interest on loans, why don’t they offer more of these things?!

It turns out that no-deposit mortgages (sometimes called 100% mortgages because you’re borrowing 100% of the money) are rare for a reason. 

They come with so many strings attached it’s no wonder only 0.3% of all mortgages issued are no-deposit loans, according to Zoopla.

As of rig…