Mortage advice: help needed

JJmcClure

Hi guys

Was after some advice

I am interested in putting a bid in for a flat in a new build. The price is £199,000

I have £14,000 saved up, but they need a 10% deposit in 21 days,

I am debt free, don't even own a credit card, and am on a good salary. And am a first-time buyer.

Does anyone know of any decent schemes or mortages out there that would help me get my dream flat?

How can I get the extra cash without having to take out a loan, or is that the only way these days?

Any help greatly appreciated

_Andy_

You don't have enough saved up so this isn't viable at the moment (you're also going to need to factor in legal fees etc).

I don't know of any personal loan providers that will lend for that reason, nor of any mortgage providers that will accept a personal loan as a suitable source of deposit.

JJmcClure

Has anyone ever used this?

http://www.ownhome.co.uk

Berkshiregirl

If you search the forum threads, you'll see plenty of discussion around the Own Home scheme. It does take several weeks to apply and be in a position to move forward.

JJmcClure

Looking at Own Home, I'm wary about it because this statement scares me

The Ownhome loan is an equity loan, which means that it is tied to the value of your property. Over time the value of your home will increase (or decrease), and so will the amount that you will need to pay back.

It's a London flat, the price will go up

Trollfever

It's a London flat, the price will go up

Did you manage to get finance for this flat?

bingibongi

"It's a London flat, the price will go up"


hahahhah - where have you been for the last 18 months !!!