i want to but a flat but i dont have enough deposit. i am not getting enough mortgage. pls help?

Answer 1

There are plenty of solutions. Many companies will now do 100% mortgages, and some will lend more than the purchase price. If you are a Professional then there are generally more sschemes at better rates available. Even if you are not classed as a professional there are plenty of good schemes about. However I would advise you to get a copy of your credit report and consult an independent mortgage broker first.

If you still find you can't raise sufficient funds there are still possible solutions. You could look at a smaller property, ask parents to cover the deposit or act as a guarantor for the loan. Increasingly there are more shared ownership schemes being started. These are run by Housing Assosciations who are non-profit orientated. You buy a share of the property according to how much you can affored to borrow and what size share the company will allow you to buy. You then rent the rest of the property from the housing association. You can in time then purchase further shares as long as you can afford it and can raise the mortgage, or sell the share back to the association.

Hope this helps.

Answer 2

Try Halifax or any of the banks, shop around and never use a mortgage company.

Ask about first time buyers mortgages - you can get 100% so no deposit is needed and you can choose to do three years interest only on the payments to keep the monthly out-goings down.

You could also try to see if you can get a parent to go guarantor with you, they will have no outgoings but their wage can be taken into consideration for you to give you more of a mortgage.

I hope this helps!

Answer 3

Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having the down payment.

Would you consider delaying your plan? Professional investors are careful in choosing each investment that would be near or immediately cash flow positive. With overpriced housing market, that is not possbile.

For example, it costs $500,000 to $550,000 to buy a two bedroom units in Sunnyvale California. Mortgage monthly payment with nothing down is $3500 to $4000 a month with 7% APR. The rent one can collect from such unit would be $2000 a month. Therefore, for each unit you buy, you would lose $1500 a month.

* We assume tax benefits would cancel out with tax and maintenance fee. Please consult your CPA.
**If you have large down payement, the rate may be lowered.

Another important factor to consider, home price may not appreciate as much anymore. In most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years.

If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price.

If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable.

Nothing is absolute, but housing market is very likely undergoing a correction and this is only the beginning. Some say this would be a soft landing (0 to 10%). Some say a big crashing is coming (10 to 20%).

http://money.cnn.com/2006/08/24/news/economy/newhomes/index.htm
http://money.cnn.com/2006/08/23/news/economy/homesales/index.htm

Answer 4

if you go to one of the big building companies such as Barratts or Persimmons for a new build flat, you can ask them for a builders gifted deposit which is usually 5% as part of the deal. Also try doing a self certified mortgage which isn't based on your earnings. most lenders only give 3.5/4 times your annual salary, which isn't usually enough for anything!! I am a commission based salesperson with a basic salary of £12000 but as i take home a lot more per month, i managed to get a mortgage of £180,000 which is more like 6.5 times my annual salary. Try an independant local mortgage advisor, most new build companies have someone they can recommend. hope this helps....

Answer 5

You could try getting a 0% balance transfer credit card.

Only do this if you can afford the monthly payments and look for a card with a maximum charge of £50 for transferring like the Bank of Scotland credit card.

This is also not a good idea if you are not in control of your finances, I don't want you to end up in debt.

Answer 6

How much mortgage do you need?

How much deposit do you have to put down?

Have you got a property in mind?

Let me know...i may be able to help you

Answer 7

you could find someone to move in with - so you have two incomes to get a higher mortgage loan.

Answer 8

Looks like u need to stay in a rented place till u save enuf ........ ?