In a financial pickle

[StrangewaysHereWeCome]

Don't know how to word this or what to expect in answer, some good advice would be great though.

my girlfriend saw a house near us up for sale recently, it got sold then, put back on market. (deal fell through)

It was so ridiculously cheap. So I put a bid in .... price rose to £5k over asking price, still a bargain. I won the bid against another bidder, mortgage got sorted for me last monday.

Gets home on ahigh today to a shocker. Lender I was relying on wont give me the requisite amount for a deposit.Ive got zero savings, thought due to my past credit record Id be right but apparently not.

I need 6 an half grand deposit , the more I apply elsewhere the chances lessen

WTF can I do to get this house? I have to speak to the Financial/mortgae consultant at estate agents at 10:00 in morning, How do I say I havent got deposit? Gutted. Just want to get a top home for my family and me

 

[Pigeonho]

Err, if anyone does know how to summonsed up £6.5k in an instant, i'd like to know too! ;-)

I hope it works out for you mate, sounds like you really want that house. I drive past a house which is up for sale on a daily basis. It's my dream home. Nothing flash, its 'only' £175k and is an old Victorian style terrace. Thing is though its FUCKING MASSIVE! It has 5 bedrooms, 2 cellars and 3 large living areas. I love the house to fucking bits and i know that if I were in a position to sell mine and if Mrs P was in work, we could get it. Thing is though i'm not in a position to sell mine and Mrs P is out of work! That house though would solve alot of shit. It would give the 3 kids we have between us a room each, plus an office for me. It only has a small garden, whereas mine has a fucking massive one, but i'd even sacrifice that just to be able to own that house. Ah well, never mind eh?

 

[pauldominic]

Its the new financial circumstances.

The banking industry has gone mad.

You'll have to beg, borrow or steal from wherever you can.

Have you got any rich relatives?

 

[Rushton121]

Its the new financial circumstances.

The banking industry has gone mad.

You'll have to beg, borrow or steal from wherever you can.

Have you got any rich relatives?

??

 

[pauldominic]

Err, if anyone does know how to summonsed up £6.5k in an instant, i'd like to know too! ;-)

I hope it works out for you mate, sounds like you really want that house. I drive past a house which is up for sale on a daily basis. It's my dream home. Nothing flash, its 'only' £175k and is an old Victorian style terrace. Thing is though its FUCKING MASSIVE! It has 5 bedrooms, 2 cellars and 3 large living areas. I love the house to fucking bits and i know that if I were in a position to sell mine and if Mrs P was in work, we could get it. Thing is though i'm not in a position to sell mine and Mrs P is out of work! That house though would solve alot of shit. It would give the 3 kids we have between us a room each, plus an office for me. It only has a small garden, whereas mine has a fucking massive one, but i'd even sacrifice that just to be able to own that house. Ah well, never mind eh?

Its a bloody awful disgrace what the bankers have done around the world and certainly in the UK.

 

[Jackson-ctid]

Sell your car? Then once you've got the house, get another one.

 

[peoffrey]

Credit Unions give good loans at reasonable rates. I borrowed when I was working for the Co-Op.

Alternatively, if the 2 of you can borrow 3.25k each from relatives then you're sorted. Families usually rally around. Some bugger will have the cash hidden away somewhere. Older generations did save.

 

[pauldominic]

Its the new financial circumstances.

The banking industry has gone mad.

You'll have to beg, borrow or steal from wherever you can.

Have you got any rich relatives?

??

[youtube]http://www.youtube.com/watch?v=Xo8SKvqHdQI&feature=player_detailpage#t=29s[/youtube]

:)

 

[StrangewaysHereWeCome]

I would be, hope to be, a FTB. ( first time buyer with fuck all to sell)Thats what apparently favoured me. This is a 3 bed semi

It's *only* £65k. and Its a lovely house thats been looked after, you wouldnt believe how much I want it.
Crazy that Littlewodds have give me a £6k catalogue credit but knocked me back for a £6k loan which would see me right.

How does that work then, proper guttted

 

[hirop]

It not what people want to hear, but you probably dodged a bullet - house prices are heading down. Install property bee plugin for firefox and start tracking property on rightmove - you will see it with your own eyes. if the price was in line with, say, sold prices 2004, it would be about right for now and I take it back, but prices are still heading south over the next 2/3 years minimum. The reason the bank are insisting on a deposit is because they want the buyer to eat the first X% of the continuing drops that are coming should that buyers get into any trouble & the property has to get sold at a sub-optimal point in the housing market (like now).

On the flip side, houses are for living in, and for people who want that house for the long term, and have a healthy deposit it's not a bad time to roll the dice at all, certainly a buyers market at the moment. But for everyone else, it's a very risky thing to be commiting to.

I also do not know any way to land 6.5K quickly, maybe put £800 quid 4-fold on at the bookies, if your lucky you might pull 4K if it comes in. Land a couple of those are your laughing.