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This could be a stupid question..?
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DanStack
Posts: 8 Forumite
Sorry in advance if this is a daft question, but I can't find a answer online...
Were currently living in a rental property, which is currently valued at £165k.
We can buy it for £140k... So my question is could I get a £140k mortgage, against at the £165k property, and not need to pay any deposit?
Or will a lender want to see my £25k "go in the pot"...?
Were currently living in a rental property, which is currently valued at £165k.
We can buy it for £140k... So my question is could I get a £140k mortgage, against at the £165k property, and not need to pay any deposit?
Or will a lender want to see my £25k "go in the pot"...?
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you would have to apply for a 100% mortgageThe mind is like a parachute. It doesn’t work unless it’s open.:o
A winner listens, a loser just waits until it is their turn to talk:)0 -
If your landlord wants to sell to you and the pricing is definitely under value, this is possible.
Speak to a Broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
That's not the case. Similarly to buying at undervalue from a relative there are lenders who take the price reduction as deposit when a tenant purchases from landlord.littleredhen wrote: »you would have to apply for a 100% mortgageI am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks for the reply guys, will speak to a broker and see how we go...0
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Thrugelmir wrote: »Valued by whom? The landlord. Valuations are subjective.
I had and independent valuation done, after also seeing it valued at £160k on Zoopla.0 -
Take the Zoopla estimates with a pinch a salt especially where the purchases were during housing bubble before it burst - it's better to compare recently sold houses in your area based on similar size/age/condition..0
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By whom? Shiny suited lister for national EA, or grizzled M&S suit-wearing RICS chartered surveyor?I had an independent valuation doneI am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Most high street lenders use the lower of valuation or purchase price so you would need to put up a deposit. Some brokers may know of lenders who don't do that if you are getting a property at less than valuation price.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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