Hello everyone,

Good to join you all in what likes a thriving and friendly community!

So, a little about why I'm here. Well obviously mostly the same as the rest of you guys: I want to make some money through shrewd property deals. But to start with, however, my situation my situation may be a little different but probably quite familiar to many....

Basically, I earn a reasonable wage doing a job I love. And while I'm lucky to do a job I love, turned 30 this year, I'm still renting and, frankly, I've had enough. My first problem, however, is that I don't have any money for a deposit... And on my salary it would take a long, long time to save...

The other problem that's prevented me going for a hundred per cent mortgage to hoist myself onto the property ladder is that four to five years ago I went through a rough patch (redundancy etc) and ended up with three (relatively small) defaults on my credit file, which have now been settled. Other than that, my credit file has been in good order since but obviously it's had an impact.

Being a determined sort, I've spent a long time researching round this problem, which has eventually brought me here.

What I would like to do to get myself on the property ladder is find a suitable BMV deal (ideally in or around Leeds) and go for it using the 100 per cent bridging finance.

Then, rather than finding a tenant , I would like to live in the property myself for a while before selling it, giving me a decent chunk of money for a deposit on the next place.

So, my question is: am I in the right place here? And do I stand a chance of getting a mortgage/closed bridging loan, with my below average credit rating?

Well, thanks for taking the time to read this, any advice is much appreciated!


Best,

Martin

fustes@mac.com

Hi Martin

Welcome to the forum. Its a very friendly and knowledgable place and by doing alot of reading and contact building you will learn alot.

All the best

Regards Brian

Hi Martin

to the forums ... .....

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Hi Martin,

Welcome to the forum and take serious note of what both Christine and Brian have said that's what will help you get to where you want eventually.

Your question about 100% funding and wanting a confirmation of it's possibilities for someone without a perfect credit history is very interesting.

My personal experience has been unless you are as clean as a whistle you will find it difficult to obtain closed bridge and re-mortgage for a 100% no deposit deal from mortgage express which is the main lenders mortgage brokers use for this type of deal and even if the broker can find a alternative lender you have to make sure the rents stack up because of the higher interest rate due to your bad credit status which is normally difficult to achieve.

You are in the right place to get on the property ladder check out option to buy in the search button i think you will find the subject interesting.

Best of luck

TAN

Martin,

I agree with Tan. Try researching the option to buy pages, network with folks on here, go to some local PTC network meetings, or any other run by the property world. Make contacts, listen, learn, and have a plan before you act.

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Hi Martin

Welcome to the forum.

Good luck with your property business

Regards

Robert

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Welcome to the forum!

If you're hungry for info, get my FREE online course on advertising!...

http://www.saffet.com/workshop_dates_venues.php

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Hi Martin and welcome.

I'm representing the friendly North and Yorkshire Property network if you're passing by.

Huddersfield/Yorkshire Property Network : YORKSHIRE - North Meeting in Huddersfield - Tuesday 9th OCTOBER '07

Wishing you all the best in investing.

Bobby

Hi Martin,

Welcome to the Property Tycoons Community forum! If you are looking for the biggest and most successful community of property investors who find and buy bargain properties using little or none of their own money then you've definitely come to the right place

Before you get stuck in, I highly recommend checking out the following essential beginner guides and resources to help you make the most of our Property Tycoons community:

1. I have created a set of free members only training videos to show you how to find bargain properties. I created them all myself to teach our members how they can find bargain properties for very little and often no cost whatsoever. In other words you can use these videos to learn how to find bargain properties without spending a penny on advertising or marketing! These videos are extremely popular with our members and I'll be producing more of them to help you find and buy bargain properties using little or none of your own money.

To watch the videos go to
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Oh and while you are in the free downloads section you may want to check out all the other documents, audios, videos and files we have created to help you make more money in property. The free downloads section can be found by going to http://www.property-system.com/aucti...ocal_links.php. This section of the forum contains dozens of free downloads you can use to make more money out of the property business with less risk. The audio sections for example contain several interviews I conducted with some of our most successful Property Tycoons community members (my personal favourites are "How To Buy 150 Properties In 2 Years" and "How To Buy A £165,000 House For £110,000 Using None Of Your Own Money"). We also add a monthly interview with our "Member of the Month" to the free downloads section each and every month. These are also very popular with our members and we have plenty more on the way to help you become more successful in the property business.

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3. Go to this section
http://www.property-system.com/aucti...tin/usercp.php
to set up your profile, upload your picture and customize the forum to suit you.

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The instruction manual for using the Property Tycoons Leads Trading system can be found here http://www.property-system.com/LeadsSystemManual.htm

6. If you have any queries whatsoever you can contact our support department for help. Our "Tycoons Team" is responsible for this role. You can find them by going to www.tycoons-forum.com. Scroll down the page until you see the "Forum Feedback And Queries" section. Feel free to post any query or feedback for us in there.

I wish you the very best with your property business and continued success.

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Vadesha Properties Ltd

“the species that survived were not the most intelligent –they were the most adaptable to change” Charles Darwin

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