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Is it still possible to do No Money Down deals?
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  #1 (permalink)  
Old 28-07-2007, 12:32 PM
 
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Default Mike bell new guy

HI Everyone going to get straight to the question
I have a property to buy valued at £145k I have agreed to purchase for £120k sale agreed now here is the problem
the mortgage company what a 15% deposit which is 18k but i only have 10k and we are set to complete next week any one any ideas ?
have i gone about this wrong ?
is there a better way I should have done this ?
looking forward to your comments.

Mike

(Manchester)
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  #2 (permalink)  
Old 28-07-2007, 04:43 PM
Gerry Pridham's Avatar
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Hi Mike,

You've come to the right place, but 1 week is a bit tight. There are members here who can help you (Ruth Katch, Raymond Moore, etc) with closed bridging finance. It goes like this:

1 They arrange a remortgage for 85% of valuation (assuming rents stack) - that;s £123,250
2 They get bridging finance for 100% of the purchase price - that's £120K
3 They complete with the bridging finance and remortgage on the same day. You get £3,250 cash back, which goes towards your fees for broker, bridging, solicitor.

This looks like a deal that is nearly no money down, provided you can justify the rent level to get the £123,250 remortgage.

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Old 29-07-2007, 07:36 AM
 
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Welcome to the forum Mike. I think Gerry has hit the nail on the head!

Good luck to your property business and let me know if there's anything I can do to help
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