100% mortgages??

mooch1uk

hi

logging this thread for a friend as she doesn't have Internet. They are looking buy a property via a family member being offered it for £138,000, but its worth at least £10,000. They are first time buyers and have combined income of £28,000. Need a 100% mortgages. Can anyone help or give advice

Thanks

MortgageMamma

I could do, but there's not enough details on there! they are buying a property for 138k thats worth at least 10? I hope thats a typo, pls clarify!

MM

mooch1uk

£10,000 more in value.

emma_marie

I know that you can get 100% mortgage through HSBC. (I think it is called a Home Start Mortgage)
Again...too little info to know whether this would apply to yourselves but worth looking in to.

herbiesjp

If the value of the property is £10k more, they may not need a 100% mortgage. They may be able to use the extra £10k in value as a gifted deposit from the vendor (family member)

This way they will be able to get lower interest rates for 95% schemes.

More information would be needed on the whole scenario though

I would suggest talking to a fee free whole of market adviser to make sure they would be eligible to look at this route.

HTH