90% morgage have we got a hope?

sparkyplug_2

Ok the deal is me and my gf want to buy the house next door to her dads its coming on the market next week but we have no deposit at all but the house is only 50k mainly because its only just about livable.

As 100% mortgages are things of the past we are looking at getting a loan for £7500 over 7 years a loan found on this website :T to cover the £5000 deposit and any other fees. if we cant get this loan we can get the money from a relative altho we dont really want to do this it is an option.

The problem really i think is still the mortgage tho we will be looking for a 90% mortgage over 25 year making the payments around £300 a month depending on rate of course add to this the cost of the loan and its about £425 - £450 a month £25 less than what we are paying in rent currently.

I'm self employed for less than a year ends in april. But i've earn't a good 20k in that time profit. My account will vouch for this but before this time i was employed and have wage slips to show 18k take home that year.

My gf is in health care earning between £750 and £950 a month but only on a temporary contact altho may soon be permanent.

We are going to see a mortgage broker next week but i just wondered what ever1 on here thought over the weekend have we got a chance of getting a mortgage in the current climate. if it was for 120k i wouldnt of even considered it but a mortgage for 50k is tiny these days rite? :beer:

first post but use this site alot

cheers in advance :j

beecher2

You aren't allowed to use a bank loan as a deposit. On top of that, you need more than 1 years' worth of records I think, and your previous wage slips are irrelevant. The temp contract for your gf doesn't help either. On top of that, if the house is only just about livable, it may not be mortgageable. And as if that wasn't all enough, where will you get the money to do the house up?

_Andy_

No lender will accept a personal loan as a deposit. Keep saving, you clearly can't afford to do this.

mrstinchcombe

Surely lenders don't ask where the deposit came from, at least they didn't used to. It would be obvious give they know what adverse credit you have but nothing (except your own common sense) stops you doing it.

_Andy_

Yes they do ask. As stated above no lender will accept a loan as a deposit.
The OP clearly can't afford to do what they're proposing and needs to keep saving

herbiesjp

mrstinchcombe wrote: »

Surely lenders don't ask where the deposit came from,.

Yes they do.

And the solicitor will as well.