100% Mortgage needed asap!! Please help!

darcy2009

Ive been told the minimum deposit I need is 6.5k, I dont have a deposit yet, but that doesnt mean I wont get it I am trying

Landofwood

darcy2009 wrote: »

Ive been told the minimum deposit I need is 6.5k, I dont have a deposit yet, but that doesnt mean I wont get it I am trying

That would give you a 95% LTV on a 130k buy price. With your adverse credit history this will still be difficult, but it sounds like your wife would have a shot.

darcy2009

Yes Im a lucky man she is much more careful with money than me, so im sorry to frustrate you, I have no deposit now but im trying all avenues to get it. With 6.5k I could get one straight away, and a bit more on top for fees etc.

AFK_Matrix

Just so long as you don't get a loan for the deposit as lenders don't allow this. And if your getting someone to give you the money they will have to sign a letter to say it is a gift and not a loan.

BaileyMoselle

I think you will discover that the banks like to see a deposit since it demonstrates a financial power to save. I was surprised I was able to get a mortgage with only 10pc deposit. A couple of years ago you would need 15pc. Also you will need money for the stamp duty and legal fees. It will blow away your wallet.

David301

Well all I know is someone will be incorrect today!! Quite exciting to find out who!!

Landofwood

David301 wrote: »

Well all I know is someone will be incorrect today!! Quite exciting to find out who!!

What do you mean?

jacobtheamish

OP. This is not happening.
Some have said this nicely others have not.
Your deposit "money" will be viewed to see how it has been saved or gained. As mentioned if this is gifted by a close relative (mum/dad/brother/sister) then a letter confirming no financial interest will be required.
Worth also considering that an application with many a lender when married will require both parties to be on the application. The lenders that will consider a single application will then view the omitted party as a dependent, which will affect affordability.

The whole case will be 'super' scrutinised as its less than 15% deposit, will therefor likely need to be within the Help to Buy MG packet.

Not looking to burst any dreams, just move your thought processes into the realms of reality.
Either way good luck

kimbyanne

Well, this thread brightened up an uneventful lunch time.

If this person manages to get a mortgage with no deposit, little to no money to cover legal expenses and with a default - then there is something very wrong with the world.

Tlg1991

Sat here waiting for his mortgage brokers reply today like...