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any mortgage advisers on here for some advice?

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gyppo12345
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2009/07/17 11:37:51 (permalink)

any mortgage advisers on here for some advice?

hi basically need to know a couple of things before i go for my meeting with the advisor, can you have a mortgage for more than the house is up for sale for to do repairs and upgrades etc, basically the thing is i can afford a mortgage but dont have the deposit so my old man says he can lend me the 15k as a deposit but say if the house is worth 130k can i get a mortgage for 145k blag that the house needs doing up and then buy the house and with the other 15k left over guve it straight back to my old man???
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    Wheels
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    Re:any mortgage advisers on here for some advice? 2009/07/17 11:45:30 (permalink)
    gyppo12345

    hi basically need to know a couple of things before i go for my meeting with the advisor, can you have a mortgage for more than the house is up for sale for to do repairs and upgrades etc, basically the thing is i can afford a mortgage but dont have the deposit so my old man says he can lend me the 15k as a deposit but say if the house is worth 130k can i get a mortgage for 145k blag that the house needs doing up and then buy the house and with the other 15k left over guve it straight back to my old man???


    lol, good luck with that......
    #2
    gyppo12345
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    Re:any mortgage advisers on here for some advice? 2009/07/17 12:17:56 (permalink)
    wow your helpful.
    #3
    Anvil
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    Re:any mortgage advisers on here for some advice? 2009/07/17 12:30:07 (permalink)
    In the current economic climate, you wouldn't have much chance of getting a 100% mortgage let alone one over the value of the house.
    #4
    Wheels
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    Re:any mortgage advisers on here for some advice? 2009/07/17 12:31:05 (permalink)
    gyppo12345

    wow your helpful.


    What can I say?  Your looking for a 112% mortgage in this climate and are proposing to lie to get it.  The phrase sub-prime springs to mind.
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    DC77
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    Re:any mortgage advisers on here for some advice? 2009/07/17 12:47:39 (permalink)
    Nationwide do have a 125% mortage but I very much doubt that you would be eligable for it.
     
     
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    gyppo12345
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    Re:any mortgage advisers on here for some advice? 2009/07/17 12:55:14 (permalink)
    i want a 90% mortgage guys ok i will break it down for you, ok say the house is worth 140, i have the 14k as the 10% deposit so i initially want to borrow 126k. then if i say the house needs doing up central heating all of that then isnt there such a thing where you can borrow extra money on you mortgage to do the house up. i need to but a house as im paying alot more in rent than my mortgage would be so need.
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    DC77
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    Re:any mortgage advisers on here for some advice? 2009/07/17 13:07:20 (permalink)
    gyppo12345

    i want a 90% mortgage guys ok i will break it down for you, ok say the house is worth 140, i have the 14k as the 10% deposit so i initially want to borrow 126k. then if i say the house needs doing up central heating all of that then isnt there such a thing where you can borrow extra money on you mortgage to do the house up. i need to but a house as im paying alot more in rent than my mortgage would be so need.


    Okay - dont get your knickers in a twist!
     
    You may be able to get a bridging loan - this will enable you to do the house renovations and then have the house revalued to get a bigger mortage to pay back the bridging loan - in today climate you would probably have more chance shoving smoke up a salmons ar8se with a fork.
     
    Best things to do is be honest with the advisor - cards on the table - and tell him what you are wanting to do and then see what the advisor advises!
     
    All the best -
    #8
    gyppo12345
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    Re:any mortgage advisers on here for some advice? 2009/07/17 13:10:27 (permalink)
    cheers just looked into shared ownership, this way i dont need a deposit so hopefully that will be the way forward, did not mean to get knickers in a twist lol just frustrated at how the system works,
    #9
    paulthebuilder
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    Re:any mortgage advisers on here for some advice? 2009/07/18 20:16:55 (permalink)
    The percentage you need is linked to the value of the house.

    If it's worth 140k and you have 14k as a deposit then, yes, you need a 126k, 90 per cent LTV mortgage.

    However, if the house is actually worth 130k as per your original post and you want to borrow 130k against a house you claim is worth 145k then you will come unstuck as the valuers will decide what it's worth prior to mortgage approval. You don't get a say in trying to influence them.
    #10
    tuc biscuit
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    Re:any mortgage advisers on here for some advice? 2009/07/18 20:33:51 (permalink)
    as rightyho says the lenders decide what the house is worth


    the chances of borrowing more than 100% are very, very, very small, pretty much zero

    I wish I was more attractive like Dagless.
    #11
    dazc
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    Re:any mortgage advisers on here for some advice? 2009/07/18 20:41:24 (permalink)
    mortgage lenders and loan companies doing the kind of thing your hoping to do is one of the big contributing factors to the situation we are in now!  so the chances are so small its not even worth considering!
    #12
    Red Bull
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    Re:any mortgage advisers on here for some advice? 2009/07/18 20:46:31 (permalink)
    I would rather rent than have the 90% products that are avaiulable at the moment. Your advisor works for you, not the lenders, just be entirely open with him/her and tell them what you want to do. They can try and bend the rules as far as they can for you, should you want them too.

    Festar: You can't plead poverty with 2 cars. That's like a little Kenyan chap pleading poverty with 2 packets of uncle bens rice hidden under his bed.
    #13
    Red Bull
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    Re:any mortgage advisers on here for some advice? 2009/07/18 20:49:12 (permalink)
    DC77

    Nationwide do have a 125% mortage but I very much doubt that you would be eligable for it.
     
     


    This is for existing customers only and for remortgage, you would also have to go through hoops to get it.......

    Festar: You can't plead poverty with 2 cars. That's like a little Kenyan chap pleading poverty with 2 packets of uncle bens rice hidden under his bed.
    #14
    jacked_fibres
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    Re:any mortgage advisers on here for some advice? 2009/07/18 20:52:05 (permalink)
    You could go to your bank, ask for a loan for a car/van for your business or something, they'll give it you and then use that for your deposit if you really don't want to lend the money off your old man.
    #15
    Red Bull
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    Re:any mortgage advisers on here for some advice? 2009/07/18 20:57:00 (permalink)
    jacked_fibres

    You could go to your bank, ask for a loan for a car/van for your business or something, they'll give it you and then use that for your deposit if you really don't want to lend the money off your old man.


    hmmm yeah, how can you suggest that withiout knowing anything about him. Leave it to his advisor lol

    Festar: You can't plead poverty with 2 cars. That's like a little Kenyan chap pleading poverty with 2 packets of uncle bens rice hidden under his bed.
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