What's my chances?

TigerWoods_2

Hey all...

First time buyer here ... (Hopefully)

Right...

Ive been offered to buy my nans neighbours house...

It was valued this year at £115,000
Ive been told that if i want to buy it they will let me have it for £75,000

I have £8,000 in savings
No debt,
My annual income is £23,000


But my credit score comes up as poor (630)
Because of a bad phone bill five years ago...

Would the banks touch me?



Thanks.

LilacPixie

well you would need a minimum of 10% deposit even with a squeaky clean credit file which you have implied you don't have plus money for fees etc. You really need to go visit a mortgage broker to discuss your exact circumstances and what impack if any a bad phone bill 5 years ago would have.

Thrugelmir

Why is the neighbour giving away £40k?

beecher2

The house will be valued at whatever you pay for it - as far as I know gifted deposits are only possible from family members. So the lender will work out your LTV using £75,000. You will need about £10k and a perfect credit file. I would be suspicious of why they're willing to wave goodbye to £40k