i have a property which i have under a rent to buy style arrangement which i want to buy out of and i need some ideas/ advice on obtaining finance.
the rent to buy arangement is for $350k, i have added quite a lot of value (still waiting on valuation) but expect it to be around the $470k ish mark.
i'm not quite sure on how to approach lenders with my situation though, as i have no real deposit just the added value in the property. will the lenders go for this or will i still need some savings?
Also, along the same track and for future reference, when buying at say 80% of valuation do you still need to be putting in your own money as well, or are there lenders who will do this?
any help will be greatly appreciated, and the name of a good broker will help also.
thanks
the rent to buy arangement is for $350k, i have added quite a lot of value (still waiting on valuation) but expect it to be around the $470k ish mark.
i'm not quite sure on how to approach lenders with my situation though, as i have no real deposit just the added value in the property. will the lenders go for this or will i still need some savings?
Also, along the same track and for future reference, when buying at say 80% of valuation do you still need to be putting in your own money as well, or are there lenders who will do this?
any help will be greatly appreciated, and the name of a good broker will help also.
thanks
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