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100% Mortgage problem
BillJG
Posts: 5 Forumite
Hi,
we are currently looking at a property to purchase & renovate which we could get for the same amount as our current mortgage (150k). Our current mortgage provider (RBS) do not have any 100% mortgages so we would there fore have to find a 10% deposit to put down, but this would take a massive chunk out of the equity we would get from the sale of our current property (30k) and use for the renovation. Is there a way around this, so we could purchase the property to renovate but not have to put a 10% deposit down?
Thanks,
Bill
we are currently looking at a property to purchase & renovate which we could get for the same amount as our current mortgage (150k). Our current mortgage provider (RBS) do not have any 100% mortgages so we would there fore have to find a 10% deposit to put down, but this would take a massive chunk out of the equity we would get from the sale of our current property (30k) and use for the renovation. Is there a way around this, so we could purchase the property to renovate but not have to put a 10% deposit down?
Thanks,
Bill
0
Comments
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Is there a way around this
No.
The only way is to increase your equity by putting more down. You could always borrow on expensive credit cards and personal loans afterwards but that isnt really a great idea.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
how about a bridging loan or paying off my current mortgage and getting a renovation mortgage? Are there competitive renovation mortgages out there?0
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No .poppy100
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Talk to your bank if you've had a relationship with them for many years.
Doing the mortgage and also having agreement in advance from your bank that they will provide you with a personal loan to get the work done is one possibility. Doesn't get you out of the 10% deposit but at least it'll get you the money you need for the work.0 -
Talk to your bank if you've had a relationship with them for many years.
Don't wish to be negative, but I can't see them being at all interested in something like this.I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It's a chance to sell a personal loan and make some money. No great reason for them to care about the mortgage part of it.0
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