100% mortgage???

baboy

Hi guys,

I recently read an article about a company(broker) who can arrange an unsecured loan loan which can act as deposit for mortgage.this company is called Promise Solutions, anybody heard about them? I think this is too good to be true. What do you think?

ruggedtoast

baboy wrote: »

Hi guys,

I recently read an article about a company(broker) who can arrange an unsecured loan loan which can act as deposit for mortgage.this company is called Promise Solutions, anybody heard about them? I think this is too good to be true. What do you think?

Plenty of people will give you an unsecured loan (Wonga etc). As soon as you don't declare that to the mortgage lender then you're committing mortgage fraud though, and the lender won't consider £20k of debt, or whatever it is, as a legitimate deposit if you do declare it.

ruggedtoast

I am suspicious that you are a spambot...

baboy

I'm just deperate to get a mortgae,but I don't have money for depsit.Until now this is the only oportunity I found to get the mortgage.I called them a couple a days ago and they told me that they can arrange a mortgage for arround 200k for me, I just heve to fill in a form and they gonna contact me .I know that this company is involved in ppi claims which sound quite suspicious. I don't want to send all my financial details to a dodgy company.
This is the only reason why I statred this topic, so please if anybody can give me any clues abot them let me know

PS When I spoke with them on the phone they said that they can arrange the loan and the mortgage which is seams too good to be tru.

oldskoo1

Please don't do it

The harsh reality is you need to save and save hard like everyone else. For most people it takes 10 years of sacrifice.

Worse case you could end up in more bother than you can imagine

thelem

ruggedtoast wrote: »

I am suspicious that you are a spambot...

No a very good one if he is - because the advice round here is going to be steer well clear!

Unless you've had a major change of circumstances, 100% mortgages are a bad idea, especially when you can't rely on house prices to increase. Why haven't you got a deposit to put down? Presumably because you don't have any money left at the end of the month for savings. If so, then how are you going to afford the mortgage payments, or the unexpected bill of thousands for repairs to the roof or whatever?

My mortgage provider, Nationwide, offer a "Save to buy" scheme, where you open a savings account with them and then once you've got enough savings they offer up to 95% mortgages. That sort of thing might be worth investigating, but you'll be able to get much better rates and a choice of providers if you're able to save a 10-20% deposit (plus moving costs).

baboy

I don't really get it why everybody says that 100% mortgages are a bad ideea.My situation is no different than the majority of peoples who are renting, all my money are going on rent(down the drain) almost around 1000 per month. In the last 5 years since I'm renting I lost almost 50k so I'm thinking that I would prefer to spend 1000 per month on a mortgage and stay in place which I will own in the end.
Why would be wise to waste this money on rent???
My only concern would be if this company is dodgy or not

Fire_Fox

baboy wrote: »

I don't really get it why everybody says that 100% mortgages are a bad ideea.My situation is no different than the majority of peoples who are renting, all my money are going on rent(down the drain) almost around 1000 per month. In the last 5 years since I'm renting I lost almost 50k so I'm thinking that I would prefer to spend 1000 per month on a mortgage and stay in place which I will own in the end.
Why would be wise to waste this money on rent???
My only concern would be if this company is dodgy or not

*Sigh* run a search, it's arrogant to think you know something the rest of the world does not. You live in fantasy land if you think property is a guaranteed investment. It's a gamble, like stocks and shares you ONLY win if you do a LOT of research and you get lucky AND you can afford to ride out the bad times.

You wouldn't exactly have won as a homeowner in the last five years considering drops in value, maintenance, mortgage interest, buildings insurance and costs of buying and selling. Most homeowners have lost thousands, many have lost tens of thousands, some to the point they are in serious debt. Especially first time buyers and those who took out 100% mortgages! Everyone renting or owning has had a roof over their head, have you taken the value of that into consideration in your mathematics?

You only own the home outright if you stay for the full mortgage term AND don't get tempted to re-mortgage, would you really do that in your first home?? If you can't afford to save for a deposit and legal fees how do you propose to pay for repairs and maintenance? What would you do if you got made redundant, fell ill or injured and could not work? DWP won't be paying your mortgage, welcome to the world of repossession and bankruptcy.

baboy

I'm honestly not arogant. What makes you think that if you save a deposit you will be safe from the drop in value of the property or any repairs you have to do or any accidents that may happend to you?

I only think to get a property to live in, not to sell it in couple of years for a profit and if any accident will happen to me I can assure you that my landlord will evict me in no time. I'm simply not bothered if the property value will drop after I've paid it in full because my intention is just to live there.

Fire_Fox

baboy wrote: »

I'm honestly not arogant. What makes you think that if you save a deposit you will be safe from the drop in value of the property or any repairs you have to do or any accidents that may happend to you?

Erm, common sense and life experience? :rotfl: You have to be a troll.

baboy wrote: »

I only think to get a property to live in, not to sell it in couple of years for a profit and if any accident will happen to me I can assure you that my landlord will evict me in no time. I'm simply not bothered if the property value will drop after I've paid it in full because my intention is just to live there.

Completely contradicted your last post. Rubbish troll.

baboy

Pfffeeww,anyway, I just wanted to know if any body heard about this copmany,and not to argue with you guys or to justify my actions or thinking. If anybody know anything let me know.
By the way this will be my last post
Thanks