Mortgage Deposit in Southeast

Lippu77

Hi guys, I am struggling to get on the property ladder due to 2 reasons, 1 is a ccj which ends in February 2015 and 2 no deposit. However on a 65k salary and 2kids living with ex. I have seen bargains around for 30% to 60% lower then valuation and wondered if I could use this as a deposit or b2l deposit? If so does anyone know what lender would accept this?

Sorry but mortgage advisors seem to be a waste of time locally, say they can help with all details provided and then "unfortunately we can't help" However I know there must be a way!!!

jjlandlord

Time to clean up your act: 65k allows you to build up a tidy deposit, so start right now.
After your CCJ falls off your record you'll be ready to proceed.

Foxy-Stoat_3

LTV% would mean Loan to Purchase Price until you remortgaged, unless it was a family member gifting you a chunk for your first mortgage say.

If you have seen properties on the market that are 30-60% lower than valuation.....whos valuation, a lenders? Have you paid for the valuations on these properties yourself? Just saying that this property is 60% less than it should be to so can I use this as a deposit isn't going to work with any lender.

The way would be as already stated, save for a deposit.

BitterAndTwisted

You want to buy a property but you have absolutely no savings? No chance in hell.

With an annual salary of £65k you should be awash with savings and one wonders what you've been up to, most especially with a CCJ on your credit-file.

zarf2007

BitterAndTwisted wrote: »

You want to buy a property but you have absolutely no savings? No chance in hell.

With an annual salary of £65k you should be awash with savings and one wonders what you've been up to, most especially with a CCJ on your credit-file.

actually, £65K is peanuts in london and the southeast, especially with sky high rents and the large deposit need. My wife and I have a joint salary of £140K and we struggled to get on the property ladder and only just managed it after 5 years of renting.....you live to your means and noone has spare money went living in London....

also didnt have bank of mum and dad as many of you do...

jjlandlord

zarf2007 wrote: »

actually, £65K is peanuts in london and the southeast, especially with sky high rents and the large deposit need. My wife and I have a joint salary of £140K and we struggled to get on the property ladder and only just managed it after 5 years of renting.....you live to your means and noone has spare money went living in London....

also didnt have bank of mum and dad as many of you do...

Oh please... Cry me a river.
People have just forgotten what living to your means and saving means.

zarf2007

jjlandlord wrote: »

Oh please... Cry me a river.
People have just forgotten what living to your means and saving means.

or more like if you earn a certain amount, you have certain standards and wont live in any old rental dump while you save.....

jjlandlord

zarf2007 wrote: »

or more like if you earn a certain amount, you have certain standards and wont live in any old rental dump.....

Thank you for proving my point.

Pixie5740

Lippu77 wrote: »

Hi guys, I am struggling to get on the property ladder due to 2 reasons, 1 is a ccj which ends in February 2015 and 2 no deposit. However on a 65k salary and 2kids living with ex. I have seen bargains around for 30% to 60% lower then valuation and wondered if I could use this as a deposit or b2l deposit? If so does anyone know what lender would accept this?

Sorry but mortgage advisors seem to be a waste of time locally, say they can help with all details provided and then "unfortunately we can't help" However I know there must be a way!!!

As Foxy-Stoat says, the loan-to-value is the loan-to-value of the purchase price. You will need to have some savings to put down as a deposit. At least a 5% deposit since the days of 100% mortgages are long gone. Plus money for stamp duty, solictors fees, surveys etc.

Also, with a CCJ on your credit file nobody is going to lend you a vast sum of money.

Your best bet is to start rebuilding your credit file and get saving. You might find some of the challenges over on the Debt Free Wannabe board useful as I'm doing a few of them myself because I'm also saving a deposit.

Foxy-Stoat_3

zarf2007 wrote: »

actually, £65K is peanuts in london and the southeast, especially with sky high rents and the large deposit need. My wife and I have a joint salary of £140K and we struggled to get on the property ladder and only just managed it after 5 years of renting.....you live to your means and noone has spare money went living in London....

also didnt have bank of mum and dad as many of you do...

If you are struggling to get onto the property ladder with a joint salary £140K then your looking at the wrong ladder.....and your on the spend as you earn scheme.

BillJones

zarf2007 wrote: »

you live to your means and noone has spare money went living in London....

That's not true. Please don't assume that we all live as you do.