First Time Buyer Mortgage Help

HarveyReggie

Hi Everyone,


My Wife and I are 1st time buyers, we have found a property to buy; its the house we have been renting for the last Three Years. The house has recently been valued at £165,000 however property on our street sells around £180,000. We made an offer to our landlord for £130,000 and he accepted proving we pay the solicitor's fee (he even suggested this come out our rent deposit)


Its a two bedroom cottage freehold in South Ockendon in Thurrock


My wife is in full time employment earning £28,00 Per Annum good credit history. I am self employed for about 3 years earing a low wage around £14,000 last year, 2015 may be abit more, don't have a great credit history but no CCJs. However part of my business is selling antiques and reclamation with assets/ stock total value of £15,000. I also just started a book shop 2014 on Amazon with books valued £15,000


Issue is we don't have a deposit. Although we don't have a deposit saved up, we were told because the offer was accepted £35,000 less than the current value this a chance we may be able to get a deposit. Is there anyone who can advise us on where we can get a mortgage?


Hope someone can get back to us because we really need to get a deposit and don't want to miss out on this opportunity.


Best regards

betmunch

From what you have posted you should be able to get a place.


Lack of a normal deposit is going to exclude a lot of lenders, but I can think of one that will accept gifted equity from landlord to tenant off the top of my head, there could be more.


Get in touch with a good broker, and you should be fine.

HarveyReggie

Many thanks for your help, I am now contacting as many brokers as I can.


best regards