I have no deposit. How can I buy a property?
I want to buy a property but I have no deposit.
Asked on Oct 17 2009,
Home Finance in Carshalton |
Negotiate a 30% discount off the market value, this can then be used as a gifted deposit. You will need a solicitor who understands this. If you are flexible there are developers who can't sell their properties, mostly 1 or 2 bed flats, worth talking to them to see if they can do anything to accommodate your requirements but you must have a good credit rating and proof of income that you will be able to afford a mortgage.
Answered on Oct 20 2009,
Negotiating the 30% discount - BMV (below market value) is the first step. Then find a mortgage. Then arrange a NMD (no money down) facility. Have a look at www.nuctcrackerclinic.com - we can put you in touch with a suitable mortgage broker and provide the finance and legal know-how to make it all work. There may even be cash-back available if the discount is good enough.
Answered on Dec 5 2009,
You can get on the property ladder by looking for a "RENT 2 OWN " scheme which are offered by a few landlords I know. You will need a small deposit of 2 to 5% and you are in. No credit checks, no mortgage etc and you can own the house with the price FIXED from day one.
Answered on Feb 22 2010,
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