100% Mortgage needed asap!! Please help!

maninthestreet

Total redecoration or total renovation? Redecorating a property, even with new carpets and curtains, is unlikely to increase the value of it from £130K to £165K. Best of luck finding your 100% mortgage.....

Landofwood

darcy2009 wrote: »

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.

It IS a bogus offer because you don't have 130k, do you? And you won't find a lender.

You will not get this house. Move on.

Tlg1991

You want to buy for £130k when its should be worth £180k and you want to sell it in 2 years for £200k plus?

Redecorating wouldn't raise the house value by 50 grand to £180k no matter how much you spent on luxury wallpaper or carpets. people buy shells of houses and renovate them and only make a profit from anywhere between £5-£20k depending on the extent of work and size of the house.

as for a 100% mortgage, let us know when you find one, I would be interested in that.

kingstreet

A pre-sale marketing appraisal by an estate agent isn't a valuation in the mortgage sense of the word, where an inspection and report by a RICS chartered surveyor would be required.

Who knows if it really is worth more than the £130k that's been agreed, so until a surveyor goes out for the lender, the point is moot.

The OP is going to have to spend money to establish if this is a goer and there is, as mentioned, one lender which allows a gifted deposit from landlord to sitting tenant.

Tiddlywinks

There are also other things you need to consider:

How much do you have in savings for legal fees?

What's your current level of debt? Borrowing from a financial institution to raise a deposit will not work.

I find it hard to believe that you made an offer to buy without even making basic enquiries about accessing funds.

Now you've raised your landlord's expectations of a sale, be prepared for him to consider placing the property on the open market. After all, if your valuations are correct, there is a profit in it for him.

csgohan4

darcy2009 wrote: »

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.

Sorry but an offer which you can't follow up on is a bogus offer.


Deposit? fees for stamp duty, solicitors, surveys, mortgage fees e.t.c?

Did you do your research?

jacobtheamish

Threads on MSE don't often get as thrilling as this one.

Try Northern Rock OP, they will offer up to 125% providing your employed and own a Dolerean. Dont't go back too far, rates in the early 90's where horrific!

David301

csgohan4

darcy2009

Haha Yes this is definitely a thrilling new post, so let me just say I was already offered a 100 percent mortgage by Halifax only reason we got declined was because of one debt I hadn't finished paying, this has now been cleared, so dont say they do not exist or im living in the past, just because mortgage companies threw out 100 percent mortgages in the past doesnt mean they are not still available, there just has to be special circumstances like parents selling to children, or even being a school teacher can get you 100%, under graduates are being offered 100%, and because I have gifted equity from landlord to tenant there are lots of brokers out there who specialize in this getting 100% mortgages, so il happily keep this post open because very soon il get this mortgage and sptread the love here, and csgohan4, Deposit? fees for stamp duty, solicitors, surveys, mortgage fees e.t.c?
This amounts to around £2500 give or take, thats not a problem at all thats covered already.
Hope you are having a great friday I look forward to more responses