In today's environment you'll likely have to put up more than 20%. If you can afford to put 30% down, you'll certainly have a shot. Alternatively, you may be able to have a family member cosign or form a partnership to share ownership.
Is it possible to find a private mortgage loan with poor credit?
It may be possible for you to borrow to purchase this property but this will depend on your answer to the following and how severe your adverse credit rating is:
1. How much deposit are you funding out of your own resources?
Lenders will require a minimum of 10% deposit but this could increase depending on the credit score you achieve.
NB- All of the above comments are based on understanding of current United Kingdom law and HM Revenue %26amp; Customs practice, which may change in future and are directed only at those who are Retail customers as defined by the Financial Services and Markets Act 2000 of the United Kingdom.
Any opinions we state are for your information only and not be regarded or taken as financial advice or be relied upon in connection with any investment decision.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.impartial.co.uk.
Well,it depends on if u can negotiate with him. If he owns it outright and not a bank,then he may allow u to put down anywhere form 5% to 20% down and carry a mortgage for u. Talk to the owner, i did it.
I ended up negotiating a private mortgage with the owner, putting 8% down, and then got a bank to buy it from him.
You need to find out just how much is owned on the house.
There might be already second mortgages taken out along
with equity lines of credit...
In other words your land lord could be well past and beyond
the point of being able to do a ';lease to own'; and his monthly
mortgage may be much higher than the rent you pay right now.
A shortsale would have to be agreed to by his lender... no lender
likes to lose money... and allow him to sell the house for less than what he owes... so the situation must be pretty extreme... for a lender to agree to a shortsale. Meaning the house is worth way less than what is owed on it and the lender feels he needs to cut his losses
and at least take the 60% if he can get it.
So honestly... stay out of it and look for another place before your landlord sees you as a rescue line and tries to talk you into paying full price on a property that isn't worth it.
Sure, but you will need at least 30% or more down with work with a private lender. And this 30% is CASH from you.
ask him for [if you would like to own his house]a LEASE/option [purchase
right]
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