1st time buyer needs help.

R-N-K

Hello, Please be nice to me as this is my 1st post, and need help in a rather big way (well at least it is to me)
I have a family member who is looking to sell there home due to money issues i know this is the last resort but its what they want.
anyway they owe around 62k on the house and its worth around the 95k mark. if i was to buy the house under market vaule say around 70k could i get a deal to make it look like i'm paying 90 -95% but borrow the full amount needed
eg- make it look like i'm putting 5k down and paying 75k for it and borrow the full 70k.

hope you understand what i mean and can help in anyway.

RICK

~Beanie~

Why do you need to make it look like you are paying a deposit? You only want a 75% mortgage so I can't see a problem with borrowing 70K against a house worth 95K.

To make a lender believe that you were paying 95% of the value would mean getting it valued at around £78,950 and this wouldn't be possible if the house really is worth 95K.

Doozergirl

~Beanie~ wrote: »

Why do you need to make it look like you are paying a deposit? You only want a 75% mortgage so I can't see a problem with borrowing 70K against a house worth 95K.

To make a lender believe that you were paying 95% of the value would mean getting it valued at around £78,950 and this wouldn't be possible if the house really is worth 95K.

The deposit is a % of the purchase price, not a higher value. You can't do what you are suggesting with a purchase, only a remortgage.

They will want to see a deposit.

I'm not sure if you can do it even with a 'gifted' deposit from the vendor.

R-N-K

I know that with the way things are today i won't get a 100% mortagage, i have a couple of late payments and a ccj from around 4 years ago after taking to a few companys i've been told it shouldn't be a issue getting a 90-95%. but haven't got the depoist at the min. this is why i was wondering if they was a way round it.?