help getting mortgage

Radsteral

been a silent reader for quite a while ..

Wondered if anyone could advice on my situation
south east london 3 bed semi with garage was 270k since october i was offering 230 k and no more but only recently with a pushy estate agent i agreed to 238.000
the house owner is divorcing though since october he has barely shown any sign of selling for less
Have 45 k deposit and thought i was in good position but its becoming imposible to get a mortgage i see
I own a small company 2007 accounts=65 k and 2008 account 92 k gross
with accounts to be done for 2009 in august and predicted 130.000 - already so far 75.000.
had no idea my accountant had put me to 5300 wages a year plus dividents
so my wages are 21 thousands.
have lost counts of mortgage advisers being so hopefull and then telling me ''the only way is 59 k deposit(25%) and again self cert at 7.8 or 8 .1 per cent rate.
in to desperation have gone to friends to buy it together but they reluctant and i understand,

Today a very wise friend , made me think again to buy property now..

he saying 'people who bought top end of market in august 2007 will need to remorgage in august 2009 and their property is worth less than when they bought it so the banks will likely to ask them to put a deposit in order to get a mortgage '' and that may be best time to buy

any comments on my situation?
currently we renting a small flat 750 all in so i just thought i colud go to a saving rampgne till june or july and then try and tackle it
thanks rad

Doozergirl

Agree with the poster on the other board that people don't 'need' to remortgage, they will choose to. If interest rates are still low, they will choose to stick with the SVR than find the cash to remortgage.

You're better off waiting for the next year's accounts, no doubt.

Radsteral

i ready your guide to homebuying... i wish i d read that a month ago..
I mainly picked from rightmove guide... which i guess is just a estate agent speak .

i like the property though will try be fair to the owner as they divorcing anyway and have already put the sold sign on.

work still going ok , i would be better wait till these 3-4 months have passed and if the house still for sale which i think it will be then go for it..

I am told is better to get the mortgage for this house if i could, pay the bank's arrangement fee then i decline to buy... so when it comes to buying all i need is call the bank for a survey on this or another house i found and of you go????? is that true?
thanks

Doozergirl

Radsteral wrote: »

I am told is better to get the mortgage for this house if i could, pay the bank's arrangement fee then i decline to buy... so when it comes to buying all i need is call the bank for a survey on this or another house i found and of you go????? is that true?

I wouldn't say so, no. Apart from not really seeing the benefit of it, you want the best rate you can get. If you're waiting then it might not be the best rate in the future (I'd happily wait if you're looking at 8! - it can't get much worse), also unless you've had the formal mortgage offer (for which you need to have had a survey), they won't hold a rate for you for long. Have one survey and you might have to pay for another on a second house.

It's the survey that you tend to have to wait on anyway so there's not much of a time-saving to be had by going through the full application process apart from survey.

Radsteral

thank you dozzer.. you seem to be the only one to care for me the rest here seem to be like my mortgage advisers lol

Doozergirl

Everyone else must be watching Grand Designs.

Bit bland for me this week.

Radsteral

eh forgot its today .. sorry doozer.. bye im a builder i need to see