MY,k436suy

Ok guys and girls,

I seperated 6 years ago and have not had a mortgage since then.
So, after messing around with various jobs it became clear to me that if i wanted to buy again i needed to seek out another career path.
I started a new job a few months back after re-training myself and now work in the nuclear industry as an Ops technician.
Good job and great salary.
For some time now it as been quite clear that in order to buy where i live i needed a good salary and a deposit, neither of these used to be an issue but obviously due to the price increase over the years they now are.

I recently found a house near to me that was in need of a little tlc, i'm great at diy so thought right i'll enquire about a mortgage before i view it.
This just proved how out of touch i am with the answers i got back!!

I've saved a deposit thinking that getting a 95% mortgage would be a breeze, oh how wrong was i!!
The house i was interested in is only up for £129,000 which is good for round here and ticks all my boxes, 3 beds, garage, good gardens and lots of scope to improve.
At the minute i have around 7k and come xmas about 8.5k.
My question is if there is anybody here "in the know" that can think of a way of buying at the minute without using family, or do i just sit tight and hope things get better?
I've been offered 90% ones but that leaves me around 6k short and that's without solicitor fee's and all the rest.

Any advice would be great
John.

Coffin Dodger

Keep saving and whilst you're doing so the prices will continue to drop.

The gap will eventually narrow to a point where you can jump in on a bargain. Just be patient

cookstar

iTrader: (6)

Agreed.

Also I wouldn't want to be putting anything less than 10% down as all it takes is another few months like we have had and you're already in the neg'.

MikeCardiff

iTrader: (2)

To be honest I dont think you'll get a better LTV offer for a long time, and if you do the difference will be hiked up with arrangement fees and increased interest rates.

Its very unlikely house prices are going to rise significantly in the next few months, so I would sit tight and save up like mad while watching the prices, if they continue to drop you may well find you can pay off a 15% deposit on a house you want, or look at getting a better house you wouldnt have thought you could have afforded before.

FlightMan

Save save save. House prices still have a long way to drop, IMHO.

As someone very wise once said; "Slowly slowly catchy monkey"

PaulC72

Offer then 102k sorted. If they say no save and find something else if this one goes, 6months time it may still be available