Mortgage help?

cgaz

Hi

Me and my partner are looking to get a mortgage on a property we've seen for £85,00 but is valued at £110,000.

But having no experience in this sort of thing we just don't know which way to turn or what to do next, were both in full time employment and combined salaries total £35,000 per annum. Where renting privately at the minute and are struggling for a deposit but could get a 5% deposit if required.

Because the house in on sale for an undervalued price is there no-one that would be able to offer some kind of deal where they lend us all the money? or am i dreaming haha?

Some advice would be much appreciated

Thanks
Gary & Claire

HappyMJ

Why is it not selling then at £90,000? Because it isn't worth £90,000 and if it isn't worth that then it isn't worth £110,000.

It's only worth what someone is willing to pay for it. You are willing to pay £85,000 so it is worth £85,000. You will need a deposit. You need to cut back on ALL spending to save it. No going out ever. Is moving to a cheap 1 bed flat an option for 6-12 months? Once you have £8,500 then put in your offer. Could a family member gift you the deposit? If they lend it to you then you would have to declare it so it has to be a non repayable gift. You can choose to give it back later if you wish.

kingstreet

The facility you describe is known as "vendor gifted deposit" and ceased to be available when the last lender to offer it, Halifax, stopped doing so in July last year.

cgaz

The house in question is in need of some cosmetic work as the current owner has died and left it to his sons and daughters and they just want rid and have had it valued be an estate agent at £110k but want to get rid of it hence £85k.

Its so frustrating not having this deposit and knowing you could easily afford the repayments!!!

Where just in the same position as millions of first time buyers struggling to find the deposit, i know it was a long shot but thanks for your insights.

Gary & Claire