Getting a mortgage without a deposit?

Is this possible?

We are looking to buy a property but don't have enough of a deposit. Would it be possible to bump up the asking price of the house and the seller still get the asking price without a deposit from us? Here's some example figures to explain what I mean:

Purchase price 200,000
90% mortgage 180,000
Deposit required 20,000.

but if we said the price of the house was 222,000
90% of this is 200,000 (approx)

So the seller gets the 200,000 asking price.

To me it seems like a paperwork exercise. Anyone heard of anything like this before?

Yeah, loads of times ! And it's for this reason as to why the Banks are in a complete mess. Personally, I very much doubt if a small deposit would be enough to secure a mortgage, and if you embark on the road you plan,you are likely to be found out, and the house will be taken from you. And no half decent solicitor will try and assist you.

When you apply for a mortgage you will be asked to supply bank and saving accounts to show where you are saving and when and also where it is coming from. You are wasting your time. In todays climate you need strong savings, a good permanent job and anything shaky - you are just wasting your time. If you can't save a deposit - how will you afford the mortgage payments.
All the best
Mike

Sorry but gotta agree with the comments so far.

I got a new mortgage in the last 6 months, and the banks are very fussy at the minute about deposits. I was told that they really aren't offering mortgages to anyone who haven't got a decent deposit saved. Their literature will say you need a 10% deposit, but in reality they are often looking for more like 20%.

Many people, and a few I know, have been recently refused a mortgage, and thats with a deposit of between 8% and 10%.

Start saving now. Prices may fall even more so you could come back into the market when you have the deposit saved.

thanks for the reply's so far, its pretty much as expected...

I was hoping for a way around the deposit purely because i am on a very good salary and with this in mind am certain of securing a mortgage. I have not managed to save a deposit so far due to other commitments-debts etc, which I find myself becoming clear of in the last few months. I have from this month begun to save a fair amount of my freed up salary towards a deposit.

Having said that I would love to move house now! I've just seen a few houses that i am very fond of and would like to make the move. Its going to take approx two years for the deposit. But if thats the only way so be it!

Thanks again for the inputs....

It's also worth remembering that your will need to get your house valued by an external valuer... They deal directly with the bank and the bank will only give a mortgage on the lower of the two figures. So if they say the house is only worth 150,000 that's all you'll get a mortgage for.