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First Time Mortgage.....right To Buy
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46yrs old, perm employment, current value of property £110-115k possible discount £54-55k could I get an non-deposit mortgage??
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All mortgage lenders seem to like a deposit, even though you will have an instant £55K equity in the property (due to your discount).
5% of your loan works out at around £3K – could you not scrape together this amount?
Also against you, is that normally mortgage lenders like the loan to be paid off by the time you retire – so you will be limited to a 20 year term.
My advice is to ask a mortgage broker what he/she can offer you, on your prospective property.
5% of your loan works out at around £3K – could you not scrape together this amount?
Also against you, is that normally mortgage lenders like the loan to be paid off by the time you retire – so you will be limited to a 20 year term.
My advice is to ask a mortgage broker what he/she can offer you, on your prospective property.
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