Are buying new houses with equity loans a good idea or not?

i was thinking about it as it seems the only way im gonna get on the property ladder, as i don't have any family to get big deposits from, and i am getting fed up paying for another persons mortgage in private renting sorry maybe i did not explain myself properly in the Uk there is a scheme which allows the company to use equity loan to purchase the house so you get a mortage for 70% then they give you 30% equity loan to cover the rest. oh and i can afford a mortgage im currently paying 625 pcm and saving a couple of hundred to raise approx 10K will take a long time

1 month ago - 2 answers