100% Mortgage for Reposession House

misssarahleigh

I know the credit crunch etc etc but i am looking for a company that does 100% mortgage's.

Myself and mother have found a home for sale at 90k. Looking at the costs we could cover the mortgage etc (we rent now)

We will both be getting the mortgage jointly but have little in the way of deposit. (maybe £3000 but this would preferable cover moving in costs)

Any advice?

VIGILANT22

misssarahleigh wrote: »

I know the credit crunch etc etc but i am looking for a company that does 100% mortgage's.


None are available...

misssarahleigh

Reading i understand why there not offering 100% any more (negative equity)

But what if the house is worth more. had 11k knocked off it. Under reposession so if the house is worth 110k would they offer it?

betmunch

Just out of interest, how do you know you can cover the costs?

If you dont know who does 100% mortgages you cant know how much it would cost.

Just playing devils advocate here as I am bored at work!

Cheers

betmunch

The lender would work off the lower of the purcahse price or the valuation, so if it is worth 110K but you agree to pay 90K then you would need your deposit based on the 90K buying price

Cheers

misssarahleigh

betmunch wrote: »

Just out of interest, how do you know you can cover the costs?

If you dont know who does 100% mortgages you cant know how much it would cost.

Just playing devils advocate here as I am bored at work!

Cheers

Not a problem. We have been doing our research looking at price's if we covered 10% deposit and then highering the repayment. Looking at what me and my mum pay now even highering the mortgage repayment by 20% quoted for 90% of the price we could still manage the repayments.

betmunch

I like your logic, I wish I could help out with pointing you at a 100% mortgage, but unfortunately I cant

I'm afraid this isnt going to go anywhere unless you can raise a deposit

Cheers

misssarahleigh

betmunch wrote: »

I like your logic, I wish I could help out with pointing you at a 100% mortgage, but unfortunately I cant

I'm afraid this isnt going to go anywhere unless you can raise a deposit

Cheers

I was reading somewhere. Would it make a difference that it's been reposessed? and would they be more susseptable to a lower asking price (We don't think it's got central heating. not a massive problem for use but were hoping to knock some off for this)

VIGILANT22

Fact remains no matter what way you approach this, you will not obtain 100% mortgage

misssarahleigh

VIGILANT22 wrote: »

Fact remains no matter what way you approach this, you will not obtain 100% mortgage

Ok, can you offer an idea to the next best thing?

Coveredinbees!!!!

Don't think your going to do it, best thing for you to do is get saving so when the next one comes along you'll be in a position to buy. Unless you know someone willing to loan you the deposit?