Mortgage for half the house value...

Cl4ret

Hello,
I'm in a fortunate position of being offered my 1st property for 50% less than its market value. £50,000 and worth £100,000
I've got a phone contract
Finance on my car was with a guarantor
I've got 6 months of history of paying the bills i.e council tax, utilities, sky, tv licence.
So I need a mortgage for £50,000 with no deposit but with security of a house which is worth much more than that.
What are my chances? and can anyone offer me help and advice how to go about it please.
Cheers

Thrugelmir

Why the discounted price?

Cl4ret

Friend
I would also like to add I'm in full time employment as well.

Dave_Ham

Family member - definitely although with a friend maybe...

Lender selection is crucial, book to see a broker

Cl4ret

I'm just worried with my lack of credit history I will struggle.
I've never had a loan or a credit card.

Dave_Ham

The nature of the deposit will be a bigger issue than your credit file...

Cl4ret

I have'nt got much in the way of savings to use as a deposit,
I could possibly get £1k-£2k.

Thrugelmir

Cl4ret wrote: »

Friend

People don't give away £50k without good reason.

Cl4ret

I don't wish to divulge the reasons as to why i'm in this situation.
I'm just asking for help in how I can get a mortgage and what steps I need to take to make my position stronger.

Thrugelmir

Cl4ret wrote: »

I don't wish to divulge the reasons as to why i'm in this situation.

I've no wish to know. However an underwriter may well might. Given the sum involved and the fact its not a relation.