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    • darcy2009
    • By darcy2009 15th Jul 15, 6:32 PM
    • 56Posts
    • 8Thanks
    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 8
    • shortchanged
    • By shortchanged 30th Jul 15, 11:11 AM
    • 5,416 Posts
    • 8,597 Thanks
    The other issue here is that the mortgage is greater than 4.5 times income. Does your wife have any monthly commitments at all such as loans, credits cards, store cards etc?
    Because if she does this is going to affect the amount they will lend.
    Why are we here?......................because we are not all there.
    • darcy2009
    • By darcy2009 10th Aug 15, 5:47 PM
    • 56 Posts
    • 8 Thanks
    Here is what has happened since my last post, My wife past the first stage of the application but was declined on the fact that her credit score is low, even though its clean she has never had store cards or credit cards or anything to build her credit, its only a little higher than my own.
    So this broker is now looking for another lender and we also have another broker seeing what they can do, in this time ive raised half of the 5% needed already and should have the 5% in the next 2/3 weeks, so only then when I have that I will then tell the brokers I have a deposit, hopefully with that all will be good, the landlord is still happy with everything so il update again soon.
    • jhyt89
    • By jhyt89 12th Aug 15, 10:10 AM
    • 48 Posts
    • 8 Thanks
    Without reading all the posts. The OP wants to buy a house he cannot afford and then make a profit on it. I suggest he works until he can afford a house like everyone else and not expect money to be handed to him on a silver platter.
    • csgohan4
    • By csgohan4 20th Aug 15, 4:38 PM
    • 6,676 Posts
    • 4,549 Thanks
    Disappointed the OP didn't come back to gloat about his 100% mortgage.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • AdrianC
    • By AdrianC 20th Aug 15, 5:01 PM
    • 26,216 Posts
    • 26,061 Thanks
    in this time ive raised half of the 5% needed already and should have the 5% in the next 2/3 weeks
    Originally posted by darcy2009
    Look on the bright side - if you can raise the 5% deposit in a month and a half, you'll be able to pay the mortgage off in a bit over two years.
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