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Mortgage for half the house value...

Cl4ret
Cl4ret Posts: 5 Forumite
in Mortgages & endowments
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

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Why the discounted price?
  • Cl4ret
    Cl4ret Posts: 5 Forumite
    Friend
    I would also like to add I'm in full time employment as well.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Family member - definitely although with a friend maybe...

    Lender selection is crucial, book to see a broker
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • Cl4ret
    Cl4ret Posts: 5 Forumite
    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
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    The nature of the deposit will be a bigger issue than your credit file...
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • Cl4ret
    Cl4ret Posts: 5 Forumite
    I have'nt got much in the way of savings to use as a deposit,
    I could possibly get £1k-£2k.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Cl4ret wrote: »
    Friend

    People don't give away £50k without good reason.
  • Cl4ret
    Cl4ret Posts: 5 Forumite
    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
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
This discussion has been closed.
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