Mortgage on property currently valued at 10,000

jhmay

Hi there,

Complete n00b so apologies if I'm posting in the wrong place, or asking ridiculous questions. I've done my own research, both on here and on individual bank websites, and can't seem to find any joy.

Unfortunately I recently lost a close family member. I wish to put the money left to me (10,000) to good use (high yield return on spare bedroom and doesn't fritter away in current account...). I am a young adult who has previously only rented property, however, there is a flat for sale in my area (and Home Value Report-ed at) for 10,000. It needs around 5,000 of capital for necessary repairs. I have enough savings in my account now for around 40% deposit.

I was just wondering if anybody knew of any (probably obscure) set-ups by which I could borrow some money with which to buy the property, as the cash will not be released for some months. I know the answer is probably a no, but thought I'd give it a shot. (I also think it might be better to wait for the cash to be released and buy in cash and do it up with any savings/take out small loan, but this property was one I specifically liked and the price is almost unheard of, too!)

Sorry for massive ramble, and thanks in advance.

John.

ValHaller

What income do you have?

lawriejones1

You won't get a mortgage on a place under £40,000. You could always apply for a loan somewhere, or if you're that confident of the opportunities, get some interest free credit cards and do it.

I would suggest mind you, that if it appears too good to be true, it probably is...

maninthestreet

Where in Britain can buy a property for £10,000 ?

jhmay

Thanks guys. I am currently underemployed so only about 10k salary a year. Property is a repossession in my hometown, a suburb of Glasgow.

Spamalot23

jhmay wrote: »

Thanks guys. I am currently underemployed so only about 10k salary a year. Property is a repossession in my hometown, a suburb of Glasgow.

The best chance you have is a cash loan. Have you had any credit in the past?

A job would help no end, at the end of the day you're going to have to repay your loan. How are you paying rent at the moment?

beachie

Is it this one?

http://www.rightmove.co.uk/property-for-sale/property-38306317.html

I would be quite wary of buying a flat or house such as this. Make sure you research the area really well. My friend bought a flat whose windows had been boarded up and directly the boards where removed the windows were smashed and people keep coming round to demand money.

I'm not saying this could happen in your circumstance, but there is a reason it is so cheap and you need to be aware of that.

It might be a cracking bargain for all I know!