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  • New Mortgage with little or no deposit
  • gravitysucks
    Free Member

    Following on from the debt thread…

    Left the Mrs last month and left her and the kids with everything.
    I’m starting again from scratch with no savings and £20k of unsecured debt on 0% CC.
    I’m currently renting and not totally struggling for money but had pretty much excepted that I’ll pay the debt off over the next 5 years then save for a deposit over the following 5 years putting me in a position to buy a house in 10 years time at the age of 45.
    Although this isn’t really a problem that concerns me paying rent for the next 10 years instead of a mortgage is obviously not the most ideal situation.

    So does anyone have any experience of purchasing a house in a similar position? I’m not a first time buyer so the most initiatives etc won’t be feasible.
    Is it worth looking into different avenues or is it just a case of excepting I’m renting for the next 10 years and getting on with it?

    jekkyl
    Full Member

    The days of 100% mortgages are over and we’re probablu unlikely to see them again. We are starting to see 95% mortgages again so you only need 5% plus val and sols costs. Depending on where you want to live I’m sure you can find cheaper housing which at least means you won;t need to rent any more. Mortgage lenders will not accept deposits which come from finance, only saved or gifted money is acceptable. So the way round those guidelines is to borrow the money (from a CC or loan) well in advance of when you’re likely to need it, leave in your account so it can be evidenced. Mortgage companies standardly ask to see 3 months of bank stats so get out of your overdraft (if you have one) and stay in credit for at leat the 3 months ahead of when you intend to apply.

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