Why hardly anyone gets a 0% deposit mortgage
🔸 Plus: Michael Jackson died owing $500 million 🔸 The worst deal in the history of sports 🔸 Europe is falling behind the US 🔸
Your 2-minute guide to demystifying money and making you richer
The markets, year-to-date
S&P 500: 5,567.19 ⬆️ 17.38%
FTSE 100: 8,203.93 ⬆️ 6.25%
Bitcoin: $56,403.40 ⬆️ 27.60%
GBP to USD: $1.2809 ⬆️ 0.64%
GBP to EUR: €1.1803 ⬆️ 2.36%
As of market close on Friday
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…