It is not a new story about first-time buyers strugling to get on the property leader.
The the main issue is when you want to buy a flat or house but have no sufficient deposit and/or have no credit history. This is also true if your credit score is poor, below 800 (this relates to an Experian score) and in any other circumstances where obtaining a mortgage is not possible. Those could be:
- bad credit history,
- defaults,
- bankruptcy,
- previous repossession
- you recently arrived to this country
- or simply your annual income is too low.
Let me give you an example. You want to buy a house which is on the market for £115,000 and you earn £20,000 per year. To find out if you qualify for a mortgage to buy any flat or house you need to get an absolute minimum of 5 times your salary. In this example – 5 x 20,000 = 100,000 which means that you are short by £15,000. If your earnings were £25,000 than you stand much greater chance to get that mortgage. You see now how it works.
There are many people with such problems, so they are renting houses, flats or live in a shared accommodations. The rents, however are not always low and in most cases they are higher then mortgage repayments! So how to solve this problem? You can, if eligible, sign-in on the waiting list with the local council. It may take 10-15 years or more before being even considered. Or you can choose to pay the rent at the same level and sometimes even lower (depending on the property), live in a property of your choice (subject to availability) and have an option to buy this property later.
We can offer you such opportunity and this is why we can help.
If this sounds interesting and you would consider it, please fill-in a short form. Tell us what you are looking for and we will come back to you with a solution.
Alternatively, if you preffer to take a common approach to buy a house with deposit and mortgage, please tell us what you want and we will return to you a set of properties matching your requirements. Leave the hastle to us.
Simply, click here and fill-in a form.
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