Aug 18
Can I get a bridging loan to help with a deposit even if it is my first time on property market?
bridging loan Add commentsMy partner and I love our flat which we currently rent. Our landlord has offered to sell it to us as he is moving to New Zeland. The property is worth £110,000 and we can get a mortgage for £144,000 and have £2500 saved but we need a deposit of £10,000. We are desperate to buy the flat!
Any advise would be much appreciated!
Thanks.
Subject to your credit status, you should be able to get a ‘high-street’ Loan for the £10k.
Having a £10k loan will affect the amount of mortgage you can borrow, but if you currently qualify for £144k, you should still be able to borrow £100k.
Don’t forget you will need money for a full survey, Mortgage arrangement fees and legal costs – expect that lot to be another £2k.
August 18th, 2010 at 1:45 pm
You are not in a position to buy it. If you do not have the down payment in cash, you cannot borrow it. no bank will allow this.
References :
August 18th, 2010 at 2:09 pm
Subject to your credit status, you should be able to get a ‘high-street’ loan for the £10k.
Having a £10k loan will affect the amount of mortgage you can borrow, but if you currently qualify for £144k, you should still be able to borrow £100k.
Don’t forget you will need money for a full survey, mortgage arrangement fees and legal costs – expect that lot to be another £2k.
References :