What should you do to help your situation and help to raise the money which you need for the mortgage?
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You will have far more chance and win if you should qualify and get a 95% of the property value instead of the mortgage. Take a look at your outgoings each quarter and do whatever you can to help your chances. should you be able to raise a deposit for the property, great!, this shows sheer determination & that you really want to get the property and will do what it takes in order to reach your goal.
There are other ways in order to make these savings when you cutback on your spending. Find ways to increase your cash. The web provides many opportunities to get funds + with some innovation + thought you could be the next online webpreneur ... If you don't like this way to raise money, you can implement different methods such as overtime, temporary work - see the local paper for the jobs especially with Xmas.
Or instead of this, in recent weeks some of the lenders have started to lend mortgage promotions, however they are choosy at the minute + you may need to provide prestigious bank details and a investment property to be approved for such an investment.
With such low lending currently going on, the top % of the tree will get the funds and the rest have to find other ways, since lending is currently at a very low net rate. This may of course change when the finance market lately rebalances & the laws of supply and demand adjusts this situation.
If you think about it realistically, a lender should only lend you the market price, if they provide you a big amount of money and it goes straight into negative equity, this is not good lending for either party. Try and see the whole image and situation regarding such mortgages or loans before you sign.
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