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A little advice please :)
Effy
Posts: 82 Forumite
Hey there,
I haven't written on these boards for a while now and previously I was a debt free wannabee. Happily I now have that situation sorted so now that I'm clear of debt I feel the urge to get myself into more with a mortgage
My question is I have a very small deposit £5000. Can cover solicitors fees etc after this, am single, live in London and earn 29,000 a year plus overtime .... will i get laughed at for deludedly (is that a word?!) believing I maybe able to get a mortgage?
Have booked myself in for some free advice beginning of July but am reluctant to do anymore than that for fear of being rejected!
Many Thanks
I haven't written on these boards for a while now and previously I was a debt free wannabee. Happily I now have that situation sorted so now that I'm clear of debt I feel the urge to get myself into more with a mortgage
My question is I have a very small deposit £5000. Can cover solicitors fees etc after this, am single, live in London and earn 29,000 a year plus overtime .... will i get laughed at for deludedly (is that a word?!) believing I maybe able to get a mortgage?
Have booked myself in for some free advice beginning of July but am reluctant to do anymore than that for fear of being rejected!
Many Thanks
0
Comments
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If you can find a property at c£50k then fine, if not then frankly there isn't any point.0
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How about looking at shared equity/shared ownership properties, otherwise you will probaly never be in a position to have saved an adequate deposit.I am a mortgage adviser.You 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
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Some building Companies at the moment are offering to pay your deposit for you, some even pay half of it!
Worth looking at at 'New Home Builders', web search your options.
Other than that though Shared Ownership...0 -
Some building Companies at the moment are offering to pay your deposit for you, some even pay half of it!
Worth looking at at 'New Home Builders', web search your options.
Other than that though Shared Ownership...
A lot of lenders are aware of these schemes and will normally knock the 'gifted deposit' off the house value and still ask that the borrower puts in 10 to 15% themselves.
It's seen that if a builder is paying the deposit then the house cannot be worth the original asking price in the first place.I am a Mortgage Adviser and Freelance JournalistYou 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 -
Good Point and worth considering, I had not thought of that before now!0
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Thanks guys, I thought I'd have little or no chance but I will look further into the shared ownership 0
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