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FTB Questions - deposits? 100% mortgages?
erique7
Posts: 58 Forumite
Hello!
My husband and I have seen a house we love currently priced at £135,000 although obviously we would be offering less than this for it.
I earn £19,200 plus commission of approx £1500 per year
My hubby earns £30,300
I have previously had one default notice and my hubby has had a couple of ccj's.
Would we be able to get a 100% mortgage? Or do you know if you can pass less than 5% deposit?
If we waited and saved the deposit it would take us til christmas and obviously by then the dream house would have gone!
Any info greatly apprechiated.
Emma
My husband and I have seen a house we love currently priced at £135,000 although obviously we would be offering less than this for it.
I earn £19,200 plus commission of approx £1500 per year
My hubby earns £30,300
I have previously had one default notice and my hubby has had a couple of ccj's.
Would we be able to get a 100% mortgage? Or do you know if you can pass less than 5% deposit?
If we waited and saved the deposit it would take us til christmas and obviously by then the dream house would have gone!
Any info greatly apprechiated.
Emma
0
Comments
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sorry to be impatient - anyone have any advice?
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Depending on the adverse history, the best you could expect is 95% but in reality 90%.
Why not try a google on 100% adverse credit mortgages.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
You could try a creative financing arrangement with the vendorI like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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Mr_helpful wrote: »You could try a creative financing arrangement with the vendor
Sorry to be dim? But I'm not sure what you mean :rolleyes: 0 -
Depending on who you are buying off but you might be able to negotiate a vendor deposit for the 5% or at least part of it. it would also depend how adverse the adverse credit is. with regard to that I would first get your credit checks done as if the adverse is a bit old you may get away with mainstream lenders. Use Google or another search engine to find out about vendor deposit mortgages.I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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Thanks for your reply I'll look into that!!!!0
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There are a couple of lenders who spring to mind that would possibly be suitable for a 100% mortgage with some minor adverse but don't expect fantastic rates.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, 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.0 -
Thanks Mortgagemamma, we are going to see a mortgage advisor tomorrow night and wanted a bit of reassurance!
We fully accept that the rate we are going to pay will be higher than other peoples because of our past but hopefully at some point in the distant future lol we could change to a 'normal' rate but we are so keen to get on the property ladder we'll pay the extra.
Thanks again!0 -
Bets of luck let us know how you get on and what your broker recommends for you
MMI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, 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.0
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