 I have about $500K in savings, no income (law student), and am buying a $270K house. Need down payment advice: |
It will be a 3 bedroom, so I will be renting out, getting $1000 a month from renters. How much should my down payment be, considering my savings situations and lack of income?
Additional D... |
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Additional Details
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Ross T | I'll be mega impressed if anyone can answer this question!? |
I know someone who had an offer accepted on a newbuild flat in Leeds many months back. They exchanged contracts about a month back, with completion to happen as soon as the flat was hospitable. His mortgage arrangement at the time meant that the deal was a “No Money Down”, i.e. the deposit was coming by means of a builder’s discount. Since exchanging, his solicitors have now told him that the mortgage deal is no longer available due to restrictions in the market. My friend wants to know, what is the biggest mortgage he can get on the property. Please note that he is going to have to borrow the money for the deposit as he was promised a No Money Down deal! Points to note: Flat was on the market for £240000 Purchase price agreed at £200000 Rent TBC but probably £800pcm New Build Flat. The key issue is that he doesn't have any spare cash for the deposit so will have to borrow it from elsewhere! Any solutions?
Additional Details
I think I've confused too many people with this!!! |
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Veritas
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Strictly speaking, as far as mortgage providers are concerned, there is no such thing as a builders discount. The mortgage provider is generally only interested in the market valuation at the time of making the loan. So called builders discount are a bit of a con, because eventually the builder will have to price flats to sell, the discount being merely a marketing ploy. In this case, the market price has almost certainly fallen below £200,000.
Apparently, mortgage providers can withdraw mortgage offers, obviously as a result of the credit crunch and falling house prices.
The solicitor should be able to advise whether, in this particular case, there was a legally binding contract in place regarding the offer of a mortgage, although I personally know of people who have had offers retracted at the last minute.
Can he not simply withdraw from the contract of purchase with the builder, explaining that he can't get the mortgage offer he was originally promised, and let the builder do his worst. Personally, I wouldn't want to be in buy to let at the present time. |
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Mr. Spontaneity
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I answered it, sure, I'm not correct, but all you wanted was an answer. |
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MM C
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Well! The lender guideline has been changing lately and become very strict. Your friend can try to borrow a personal loan for down payment if he has excellent credit. Another way is, do an appraisal first to determine how much the flat worth now. Bet it less than the purchase price then your friend will have room to negotiate a lesser price. Also he may ask the builder to carry a 2nd loan. When the house market is down and builder hard to find buyer, it's possible. Though, your friend will still need to has some cash in his bank account as a reserve to meet the lender's criteria. |
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Drummer
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You'll be very lucky to get a mortgage now above 85% loan to value, further more my company has stopped doing mortgages on New Build Flats due to the risk element and i beleive its the same at other lenders too, MOrtgage is mainly down to affordability so your looking at max lending 75% i.e loan of £180,000 , when you say rent are you meaning shared ownership ie part buy part rent ? |
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Nike ✔
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Poop On His Door Guys Will Come Up And Clean It Then Tell Thm To dO iT |
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j_emmans
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he should give up, it may be better for him. |
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kirstybexon1
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contact a mortgage advisor, there are loads out there who give advice etc for free as they get their fees from the banks themselves. |
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sweetiepie_screamer
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It depends on a few more factors such as how much your friend earns and how many years he wants his mortgage over. And if he is a first time buyer, or has property to sell.
I'm presuming he's buying and not renting by the way?
Also, he'll have trouble finding a 100% mortgage now-a-days. |
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i hope some1 farts in your face
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nope sorry cant answr it.. too bad my moms not here cuz shes a real estate agent |
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bardolino
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I don't understand why he is paying the purchase price and also paying rent. Please explain this. |
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Goldiecocks
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you lend it to him? Or he sells his body for cash. |
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Harmon
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Barrow against the property, explain the finances to the mortgage company and hope they have half a brain.
Not sure I understand why you think this is complicated. |
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greeter7
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Regardless of the situation one DOES NOT borrow money for a lease or rent. If one doesn't have it one doesn't need it. For someone cannot afford it. Duh !!!! |
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