mortgage advise, question

Is any1 really good with mortages?? or is a mortage adviser i have a question
looking into applying for a low cost home to buy
the value of the house is 140k, and we get tis for the 65% price of 90k
1 - would we get a 100% mostage for the 90k because it not the whoel value of the house?
2- will we get the interenst rates of like 75 or less ltv?

3 - is there any moratge or banks who deal with this type of mortgages

20 Comments

I think you mean mortgage.

Original Poster

yes that what i mean lol

ya post is confusing :?

the house value is £140k

if you get a mortgage for 65% , you'll need 35% deposit of £49k
and you'll receive £91k

Perhaps it would help if you explain how you are buying a house for 90k that is worth 140k, surely the value is 90k if that is what you are being asked for it?

It is unlikely that any provider will give 100% in the present climate.

Original Poster

ok it slike a home buy scheme through our local council
so the vaule of the house is 140k and we are buying 65% and the council keep the other 35% equity - but we do not pay rent on that
soo what am asking is will we still need a deposit, not
this link mite help

]http//ww…pdf

shellscreativeca;4826592

ok it slike a home buy scheme through our local council so the vaule of … ok it slike a home buy scheme through our local council so the vaule of the house is 140k and we are buying 65% and the council keep the other 35% equity - but we do not pay rent on thatsoo what am asking is will we still need a deposit, notthis link mite help]http://www.aberdeenshire.gov.uk/councilhousing/KnockAveGuidanceNotes3bed.pdf





the 35% that the council hold will act as ya deposit,
but you'll have to inform the mortgage provider about the scheme.

britannia have some no fee mortgages on offer with decent rates :thumbsup:

i think you might need to research to see who would mortgage you for this, not all lenders do this type of mortgage. Halifax might do it. . Also the amount the bank lends you depends on your personal (or joint) incomes

carol123;4826654

i think you might need to research to see who would mortgage you for … i think you might need to research to see who would mortgage you for this, not all lenders do this type of mortgage. Halifax might do it. . Also the amount the bank lends you depends on your personal (or joint) incomes



Indeed, not forgetting your credit ratings.

I've never thought about this but what happens in the event of default when the lender would normally try to repossess? It wouldn't be able to would it because the council would still own the other 35% and there's that paragraph about (possibly) only being able to sell on to other social housing purchases?

Original Poster

carol123;4826654

i think you might need to research to see who would mortgage you for … i think you might need to research to see who would mortgage you for this, not all lenders do this type of mortgage. Halifax might do it. . Also the amount the bank lends you depends on your personal (or joint) incomes


yes i have tried reaserching... on the net nationwide do only in ENDLAND sasy bank of sclotnad do but i cannot see anything thats y am on here askin if any1 knew if they did its very confusing but the the thing is i have been in contact with the council n tehy say anther factor is you have "considerable savings generally more than 6k" you will not be chosen to buy the houses as , you could do get a normal house, so how cna you put down deposit ?

Supermod

carol123;4826654

i think you might need to research to see who would mortgage you for … i think you might need to research to see who would mortgage you for this, not all lenders do this type of mortgage. Halifax might do it. . Also the amount the bank lends you depends on your personal (or joint) incomes



Nationwide, Abbey and Britannia do.

Hi shells, I am a mortgage broker and there are lenders out there who will give you the 100% of the mortgage that you require.As long as your credit rating is ok and you have the income to justify this.
BTW Whitehills is not far from me!!!!!!!!!!!!!!!!!!!

Original Poster

haha, by the way its not actullywhitehills am looking at its, amcduff, however they are not avaible unitl a few weeks, but are exactly same price as the whitehills one so i put that up....to get idea..

how good does your credit rating need to be?? mine is in the middle ... the fair my partners is excellent i got in debt last yr but i payed it off in full and now have no debt.. wel 185 owed to next this month but thats it, adn he has hp on our car which we have never ever missed a payment. i have mayeb missed 5 in my whole life on my clubby book but dont have them anymore apart from next... any ideas which lender we should approch....

the thing is.... you need to know about the mortage etc before you aply but we do not want to pay a solicter extra as it may all eb for ntohing

best getting a decision in principle from a broker first , and probably in your mans name only if he has good credit rating.

Original Poster

yes but right, if its his name only... then my wadges are taken in, and therefore we would not afford it no?? and also if we split (not that am planning it but u never know) before were married in 2011 he would get it and therefore this is my council house he only live with me so ats nae fair

...and don't fill in any forms online without a spellchecker

Original Poster

lol!! i wont
im crpa at spelling would you beilive i am a secretary for a living

shellscreativeca;4829210

lol!! i wontim crpa at spelling would you beilive i am a secretary for a … lol!! i wontim crpa at spelling would you beilive i am a secretary for a living




:w00t: ya must be good looking then

shellscreativeca;4829210

lol!! i wontim crpa at spelling would you beilive i am a secretary for a … lol!! i wontim crpa at spelling would you beilive i am a secretary for a living



There is hope for us all then..

Original Poster

haha or just have a really good spell checkr.... AND the above LOL
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