Why deposit is essential
http://www.property24.com/articles/why-deposit-is-essential/12127
“For someone who does not have the money available for a deposit, buying a home can be extremely difficult. Yes, there are a few options available to buyers in this situation. They can for instance apply for bridging finance. However, this is a short-term solution and is unviable if you do not have asset backing.
“What’s more, lenders usually charge premium interest rates on these kinds of loans, making them quite unfeasible. Sometimes, the approval of such loans can be subject to delays which can also compromise the buyer’s chance of securing the home before someone else does.
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