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  • FIRST POST
    • darcy2009
    • By darcy2009 15th Jul 15, 6:32 PM
    • 56Posts
    • 8Thanks
    darcy2009
    100% Mortgage needed asap!! Please help!
    • #1
    • 15th Jul 15, 6:32 PM
    100% Mortgage needed asap!! Please help! 15th Jul 15 at 6:32 PM
    Hello and thanks for taking the time to read this.
    I live with my wife, we have been renting a cottage for 3 years and have made an offer to the landlord to buy the property, It was valued at 165000 six months ago, we made an offer of 130000 and was accepted mainly as the house needs re decorating throughout but is a very sound house, the same design cottage 2 doors away sold one year ago at 180000 so im sure this is worth more than the valuation especially when decorated which is the plan and to sell it in two years for 200.000+ giving a nice profit to move into a larger house.
    One big problem we have at the moment is we have no deposit, my wife has a good job in central london 28k a year, im self employed the last 3 years after being made redundant, I have a default from a loan back in 2011 from when I lost my job, however the loan has been cleared, we know there are 100% mortgages out there and are hoping our Deed of Gift from the landlord can help us get it or we need a 6.5k deposit which doesnt sound much but im worried we dont have the time to raise it.
    If anyone can help with a broker or is a broker that can help get a 100% mortgage please contact me any help is greatly appreciated.

    Many Thanks
    Last edited by darcy2009; 12-01-2017 at 12:35 AM.
Page 1
    • tomtontom
    • By tomtontom 15th Jul 15, 6:41 PM
    • 7,184 Posts
    • 16,347 Thanks
    tomtontom
    • #2
    • 15th Jul 15, 6:41 PM
    • #2
    • 15th Jul 15, 6:41 PM
    You seem to know something the rest of us don't - 100% mortgages are no longer available.
    • JPB123
    • By JPB123 15th Jul 15, 7:05 PM
    • 117 Posts
    • 85 Thanks
    JPB123
    • #3
    • 15th Jul 15, 7:05 PM
    • #3
    • 15th Jul 15, 7:05 PM
    There is one lender who will allow a Gifted Deposit from landlord to tenant, but it's a minimum of 10%.


    You won't get a 100% LTV mortgage.


    I am an Independent Mortgage Adviser

    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.
    • mrginge
    • By mrginge 15th Jul 15, 7:20 PM
    • 4,696 Posts
    • 8,939 Thanks
    mrginge
    • #4
    • 15th Jul 15, 7:20 PM
    • #4
    • 15th Jul 15, 7:20 PM
    Omg 100% mortgages are like soooo seven years ago.
    • jaxkesa
    • By jaxkesa 15th Jul 15, 8:00 PM
    • 253 Posts
    • 69 Thanks
    jaxkesa
    • #5
    • 15th Jul 15, 8:00 PM
    • #5
    • 15th Jul 15, 8:00 PM
    Why make an offer if you don't have the finance in place?
    • maninthestreet
    • By maninthestreet 15th Jul 15, 8:01 PM
    • 15,364 Posts
    • 13,945 Thanks
    maninthestreet
    • #6
    • 15th Jul 15, 8:01 PM
    • #6
    • 15th Jul 15, 8:01 PM
    Omg 100% mortgages are like soooo seven years ago.
    Originally posted by mrginge
    You are so moneysupermarket!
    "You were only supposed to blow the bl**dy doors off!!"
    • Landofwood
    • By Landofwood 15th Jul 15, 8:49 PM
    • 737 Posts
    • 627 Thanks
    Landofwood
    • #7
    • 15th Jul 15, 8:49 PM
    • #7
    • 15th Jul 15, 8:49 PM
    Probably best to call the landlord and apologise for wasting his time. How awful that you made such a bogus offer.
    • Dave Ham
    • By Dave Ham 15th Jul 15, 8:55 PM
    • 6,015 Posts
    • 2,841 Thanks
    Dave Ham
    • #8
    • 15th Jul 15, 8:55 PM
    • #8
    • 15th Jul 15, 8:55 PM
    You are likely to have one lender here and subject to a mountain of variables, but likely to need an experienced broker

    Word of caution on the valuation which would be undertaken at your cost.

    There is not much in South Ockendon at this valuation and therefore I would be a tad nervous on the valuation condition

    Best of luck
    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.
    • stephenni1971
    • By stephenni1971 15th Jul 15, 10:39 PM
    • 872 Posts
    • 512 Thanks
    stephenni1971
    • #9
    • 15th Jul 15, 10:39 PM
    • #9
    • 15th Jul 15, 10:39 PM
    So your landlord is prepared to sell you the house at 130k when it's worth up to 180k? Sounds like an idiot to me!
    I am a Financial Adviser specialising in Mortgages, Protection, Health and Medical Insurance. I also write wills. All information posted on this site is for discussion only, and should not be taken as advice.
    • darcy2009
    • By darcy2009 16th Jul 15, 1:51 AM
    • 56 Posts
    • 8 Thanks
    darcy2009
    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.
    • darcy2009
    • By darcy2009 16th Jul 15, 1:53 AM
    • 56 Posts
    • 8 Thanks
    darcy2009
    In this condition it wont get 180k far from it, it needs a total re decor in every room.
    • maninthestreet
    • By maninthestreet 16th Jul 15, 8:23 AM
    • 15,364 Posts
    • 13,945 Thanks
    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.....
    Last edited by maninthestreet; 16-07-2015 at 8:26 AM.
    "You were only supposed to blow the bl**dy doors off!!"
    • Landofwood
    • By Landofwood 16th Jul 15, 9:20 AM
    • 737 Posts
    • 627 Thanks
    Landofwood
    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.
    Originally posted by darcy2009
    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
    • By Tlg1991 16th Jul 15, 11:26 AM
    • 176 Posts
    • 112 Thanks
    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
    • By kingstreet 16th Jul 15, 11:37 AM
    • 35,665 Posts
    • 19,511 Thanks
    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.
    I 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.
    • Tiddlywinks
    • By Tiddlywinks 16th Jul 15, 4:34 PM
    • 5,351 Posts
    • 18,507 Thanks
    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
    • By csgohan4 17th Jul 15, 1:01 PM
    • 6,676 Posts
    • 4,549 Thanks
    csgohan4
    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.
    Originally posted by darcy2009


    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?
    Last edited by csgohan4; 17-07-2015 at 1:25 PM.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • jacobtheamish
    • By jacobtheamish 17th Jul 15, 1:18 PM
    • 202 Posts
    • 103 Thanks
    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
    • By David301 17th Jul 15, 1:40 PM
    • 200 Posts
    • 419 Thanks
    David301
    • csgohan4
    • By csgohan4 17th Jul 15, 2:01 PM
    • 6,676 Posts
    • 4,549 Thanks
    csgohan4
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
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