Loan to make up the rest for cash buy

Let_Us_See

Walk away. This property with only 25 years lease remaining will be unmortgageable and that I presume is why it is so cheap. Most lenders want aroung 45 - 60 years remaining after the end of any proposed mortgage term.

Please note there are still lenders that do not credit score. Therefore, having no credit history, and opposed to a poor credit history, should not be a problem.

Finally, find it odd you could not secure any form of credit card...........that just doesn't sound right!

holly_hobby

dan2983 wrote: »

It was over 7 years ago so its off my report.

Therefore there is no adverse with CRAs, and you have had prev credit, just none in the past 6 yrs.

But this shouldn't be preventing your from obtaining a low balance credit/store card at all, have you checked with the various CRAs that there is nothing else lurking ? Checkmyfile.com is a free trial multi agency search engine, easy to cancel (remember to or you'll be charged when the free period expires), and will give you a breakdown of what all 3 agencies hold on you.

Going back to the property a remaining 25 yr lease = unmortgageable = cash buyers, hence the auction status of the property.

So unless you can obtain a personal loan for the 15k, you're snookered (with my guess that it is your intention to extend the lease once you own the flat - which it itself isn't always straightforward).

Hope this helps

Holly x