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How do I qualify for a 110% mortgage to buy a house? |
I recently returned to the UK after 10 years away (no credit history). I have a UK bank account. I will be working next week earning +70,000 GBP pa. I want to buy a house asap. I then want to borrow funds for investment elsewhere. The main reason for becoming a "homeowner" is to put me in a better position to loan as much as possible (at a low interest rate) to use as a deposit on investment properties abroad. I want to use money to make more money - not make down payments, save, or pay off loans any quicker than I need to. Think you just may have got things a bit wrong somehow.! Go to an IFA and as long as you can prove you will be able to afford the repayments, they should be able to source a mortgage for you. You have to prove to them that you are eligible to pay the loan. You can also try to apply online and see if you get one. You need to have very good credit but it is not a good idea to take out 110% mortagage and if are earning 拢70,000 it should not be a problem for you to make a down payment towards your mortgage. This isn't the best time to get a mortgage that will put you in negative equity. If your looking for a mortgage try http://www.moneysupermarket.com/mortgage... they seem to have the market covered. Good luck. |
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