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1st time buyer..help needeed
scoot1on1
Posts: 295 Forumite
Hi all,
Ive been reading through this forum for a while now, and although the general concensus is that house prices are on the slide, I was wondering what your views are on buying at auction.
I have come across a 3 bedroom house for sale in a part of Lancashire which is being offered for sale at £61000 ex VAT, now this house has been through the auction and didnt sell, (I havent viewed the property, so not sure why). The area in which this house is selling the property market is selling similar houses for £90000-£120000.
I was hoping to buy a property in need of repair to sell on, in as little period as possible, but can only afford a mortgage of £70000, now this is where the dilemma starts..
1. I am a first time buyer with no deposit(altho may be able to get a family member to lend me 10%) so this cuts down my choice of lenders
2. Are there Lenders who will let you take out a mortgage and repay within say 3 months without any early redemption fees?
3. Is there a way of not paying the VAT, would it be ok to call the solicitor and asking to speak to the seller?
Is there anything else I should consider, Im sorry but Im just writing points as they enter my head as Im completely new to property buying and would appreciate any help.
Regards
Jon
Ive been reading through this forum for a while now, and although the general concensus is that house prices are on the slide, I was wondering what your views are on buying at auction.
I have come across a 3 bedroom house for sale in a part of Lancashire which is being offered for sale at £61000 ex VAT, now this house has been through the auction and didnt sell, (I havent viewed the property, so not sure why). The area in which this house is selling the property market is selling similar houses for £90000-£120000.
I was hoping to buy a property in need of repair to sell on, in as little period as possible, but can only afford a mortgage of £70000, now this is where the dilemma starts..
1. I am a first time buyer with no deposit(altho may be able to get a family member to lend me 10%) so this cuts down my choice of lenders
2. Are there Lenders who will let you take out a mortgage and repay within say 3 months without any early redemption fees?
3. Is there a way of not paying the VAT, would it be ok to call the solicitor and asking to speak to the seller?
Is there anything else I should consider, Im sorry but Im just writing points as they enter my head as Im completely new to property buying and would appreciate any help.
Regards
Jon
These are the Good 'ol Days just wait and see!
0
Comments
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It's likely there is some sort of structural problem on the property if its that cheap or its not sold at auction. You would therefore be unlikely to get a mortgage for it.0
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