Serious FTB - 100% mortage assistance

desperateFTB

Hi All, first time buyer needing mortgage specifics ( sorry for the long read in advance)

My partner and I have finally found the property that we love and have taken the next step and made an offer on said property and it has been provisionally accepted

House price: £234,950

Our details:
Gross total income: me £45k + partner £26k)
Debt = zero
Credit rating: good (no missed payments or CCJ's)
Deposit - none (but if absolutely critical we might be able to arrange)
Nett left after all our possible expenses: £2890 per month


Our situation: we are both South African living in the UK since early 2003, we are on a work permit until 2010 whereby we will then qualify to remain in the UK permanently.

So ideally we are looking for a 100% mortgage (yes I am aware of the HLC some lenders charge) , we have no debt at all and we are using our CT cards wisely ;-) ( to send money home to South Africa to complete the mortgage on our 1st home via 0% balance transfers due to interest in South Africa being 14%+

Therefore we do not have any deposit saved as all our spare cash has been transferred into our mortgage there. (But can be withdrawn, but preferably not)

but we are both very financially savvy and have 3 CT cards each so we can easily generate a 5% deposit if it makes a huge difference to the deal but if it doesn’t we would prefer to just get a 100% mortgage.


Additionally: I have a family member of my other half living in the UK which owns 2 properties that has offered to be a Guarantor if it would improve our chancres for securing a improved mortgage at all.


my idea: secure a mortgage for best possible interest rate for 1 or 2 years then as we would have a good record of owning a property for x time we would be able to re-negotiate a much better deal a bit later on ..... ???


I am either looking for good advise or a clever mortgage adviser ;-) to possibly provide me with a solution ?

Dan_Collins_2

desperateFTB wrote: »

Hi All, first time buyer needing mortgage specifics ( sorry for the long read in advance)

My partner and I have finally found the property that we love and have taken the next step and made an offer on said property and it has been provisionally accepted

House price: £234,950

Our details:
Gross total income: me £45k + partner £26k)
Debt = zero
Credit rating: good (no missed payments or CCJ's)
Deposit - none (but if absolutely critical we might be able to arrange)
Nett left after all our possible expenses: £2890 per month


Our situation: we are both South African living in the UK since early 2003, we are on a work permit until 2010 whereby we will then qualify to remain in the UK permanently.

So ideally we are looking for a 100% mortgage (yes I am aware of the HLC some lenders charge) , we have no debt at all and we are using our CT cards wisely ;-) ( to send money home to South Africa to complete the mortgage on our 1st home via 0% balance transfers due to interest in South Africa being 14%+

Therefore we do not have any deposit saved as all our spare cash has been transferred into our mortgage there. (But can be withdrawn, but preferably not)

but we are both very financially savvy and have 3 CT cards each so we can easily generate a 5% deposit if it makes a huge difference to the deal but if it doesn’t we would prefer to just get a 100% mortgage.


Additionally: I have a family member of my other half living in the UK which owns 2 properties that has offered to be a Guarantor if it would improve our chancres for securing a improved mortgage at all.


my idea: secure a mortgage for best possible interest rate for 1 or 2 years then as we would have a good record of owning a property for x time we would be able to re-negotiate a much better deal a bit later on ..... ???


I am either looking for good advise or a clever mortgage adviser ;-) to possibly provide me with a solution ?

Well I would get your self a good local whole of market etc etc broker. The only issue you have is the work permit. I have got a few Americans and Canadians through Northern rock but they have very high rates. Halifax will do 95 or 97% LTV but they will charge a HLF. a 5-10% deposit would really help your case. Nationwide dont charge a HLF at 95% but they may have an issue with your work permit. Alliance and Leicester or Bristol and West may help you also. It helps that you have more than 2 years on your permits.

Good luck

herbiesjp

Based on the figures this does look achievable.

Your current visa status will cause problems for some lenders, but other lenders will be fine.

You say you have the credit cards but currently have nothing on them, so debts are zero.

This could be straightforward, just find a good fee free whole of market adviser and they should take away the headache for you. You need to move quickly though seeing as your offer has been accepted.

desperateFTB

Thank you , i have a apointment 3pm today with a whole of market IFA

i was wondering though what time scale have i got to secure the deal ? do i need to have secured the Mortage by X period ? ( 1day / week )

or can take my time within reason to check several lenders etc ?

herbiesjp

To be honest, you would normally have made sure you were ok on the mortgage front before putting in an offer.

As to how long, that will depend on the agents/vendor you are dealing with, and how happy they are to wait for you.

desperateFTB

:-) i did a agreement in principle in august , but for an amout i spesified to the lender ,and I now require 18k more , but if no lender wants to lend us the money , worst case we can witdraw some equity from our mortage in south africa , as that house is 95% paid for

but ideally i dont want to go down this route

herbiesjp

Your appt today should give you all the best deals, so I dont see it taking that long for you

Good luck