100% Mortgage needed asap!! Please help!

darcy2009

Hello and thanks for taking the time to read this.
I live with my wife, we have been renting a cottage for 3 years and have made an offer to the landlord to buy the property, It was valued at £165000 six months ago, we made an offer of £130000 and was accepted mainly as the house needs re decorating throughout but is a very sound house, the same design cottage 2 doors away sold one year ago at £180000 so im sure this is worth more than the valuation especially when decorated which is the plan and to sell it in two years for £200.000+ giving a nice profit to move into a larger house.
One big problem we have at the moment is we have no deposit, my wife has a good job in central london 28k a year, im self employed the last 3 years after being made redundant, I have a default from a loan back in 2011 from when I lost my job, however the loan has been cleared, we know there are 100% mortgages out there and are hoping our Deed of Gift from the landlord can help us get it or we need a 6.5k deposit which doesnt sound much but im worried we dont have the time to raise it.
If anyone can help with a broker or is a broker that can help get a 100% mortgage please contact me any help is greatly appreciated.

Many Thanks

tomtontom

You seem to know something the rest of us don't - 100% mortgages are no longer available.

JPB123

There is one lender who will allow a Gifted Deposit from landlord to tenant, but it's a minimum of 10%.


You won't get a 100% LTV mortgage.

I am an Independent 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.

mrginge

Omg 100% mortgages are like soooo seven years ago.

jaxkesa

Why make an offer if you don't have the finance in place?

maninthestreet

mrginge wrote: »

Omg 100% mortgages are like soooo seven years ago.

You are so moneysupermarket!

Landofwood

Probably best to call the landlord and apologise for wasting his time. How awful that you made such a bogus offer.

Dave_Ham

You are likely to have one lender here and subject to a mountain of variables, but likely to need an experienced broker

Word of caution on the valuation which would be undertaken at your cost.

There is not much in South Ockendon at this valuation and therefore I would be a tad nervous on the valuation condition

Best of luck

stephenni1971

So your landlord is prepared to sell you the house at £130k when it's worth up to £180k? Sounds like an idiot to me!

darcy2009

Yes stephenni1971 it was up for 130k for over six months and didnt sell until I rented it.
Landofwood you shouldnt waste mine or your own valuable time with answering posts with stupid replies, I have made no bogus offer, ive offered what it was up for sale before I moved in, an offer is an offer I didnt force him to accept it.

darcy2009

In this condition it wont get 180k far from it, it needs a total re decor in every room.