How do i buy our dream 400k Property?

[Boyzer]

OK, yep, lucky for some, but im riding out the CC relatively well...

Im a 40 year old first time buyer, who in conjunction with my partner have salaries over over 100k, heavily weighted on my side (so no worries about when it reduces to a single-earner when we decide to have kids.)

But, we only have 25k deposit (6.25% of 400k) and of course these days, 10% seems to be the absolute minimum...

Is there any other option out there, short of
(a) hoping the price will reduce further...(Time & Negotiations)
(b) Lying on applications forms (Something i will not do)
(c) Continue saving and most likely lose our dream property

Im not into the place as an investment, it will be our home for 10+ years at least.

Help!

[BTLMortgages]

Originally Posted by Boyzer

OK, yep, lucky for some, but im riding out the CC relatively well...

Im a 40 year old first time buyer, who in conjunction with my partner have salaries over over 100k, heavily weighted on my side (so no worries about when it reduces to a single-earner when we decide to have kids.)

But, we only have 25k deposit (6.25% of 400k) and of course these days, 10% seems to be the absolute minimum...

Is there any other option out there, short of
(a) hoping the price will reduce further...(Time & Negotiations)
(b) Lying on applications forms (Something i will not do)
(c) Continue saving and most likely lose our dream property

Im not into the place as an investment, it will be our home for 10+ years at least.

Help!

Lying definately not the best action

It is possible to find 95% LTV mortgage, but you have other solutions:

Find a house below market value then by the use of bridging and then remortgage you are able to use little or no deposit

Use one of the new build schemes where the builder own 25% of the property until you pay back the amount

Please do not hesitate to pm.

Cheers
Steve

[Ronny]

approach the vendor and see if they would be willing to offer you a 5% gifted deposit.