Getting a mortgage First Time Buyer

jw30

I would like to know how you can get a mortgage for a property with no deposit, but then use the equity from buying a house 25% below market value?

Then getting mortgage for the 75%?

Is it just a scheme to get cash from innocent first time buyers or is it genuine?

I want to buy a terrace house or flat buy for 25% less than it's worth then get a mortgage for the full price? is this possible? which solicitors do this sort of thing?

stueyhants

Does below market value actually exist. Surely the price paid is the market value and anything else is a con ?

poppy10_2

You have virtually no credit history. You haven't had a job for 8 years. You have no deposit. You won't get a mortgage.

The "below market value" deals you are getting, from whichever property club you have been duped into subscribing to, are nothing of the sort - they used to have 'friendly' surveyors who would fraudulently overvalue the property for the purposes of your mortgage, while the banks turned a blind eye, but those days are long gone.

jw30

I never said I had no deposit! I am just looking into avenues which mean I keep my £25k for the ACTUAL mortgage if I didn't have the funds to pay at any point.

I have not subscribed to anything in terms of paying!, I watched a video since on the guy who emails me DAILY! and I wouldn't pay him with your money poppy.

I may no have had a job for 8 years, but the money I earn from Poker websites is my income in the last year I have earned £400 per week minimum, I am looking to improve my credit rating as fast as possible & I wont be getting married to a wallet sapping female! so car finance and mortgages are the next best thing I am told by checkmyfile.com

poppy10_2

But seriously, all these "below market value" guys are fraudsters. Avoid.

blueberrypie

jw30 wrote: »

I never said I had no deposit! I am just looking into avenues which mean I keep my £25k for the ACTUAL mortgage if I didn't have the funds to pay at any point.

Whether you *have* £25k or not is irrelevant if you don't *use* it. If you don't put up a deposit, you aren't going to get a mortgage.

Yorkie1

jw30 wrote: »

I may no have had a job for 8 years, but the money I earn from Poker websites is my income in the last year I have earned £400 per week minimum

I can't quite see a mortgage company accepting this as income against which they will lend

Radiantsoul

jw30 wrote: »

, I am looking to improve my credit rating as fast as possible & I wont be getting married to a wallet sapping female!

Womankind's lose it would seem.

kinglewis

I wont be getting married to a wallet sapping female!

Haha! You do have a high opinion of women!

_Andy_

No mortgage lender will accept income derived from poker/gaming.