We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
do i need a deposit?
Options
cd10
Posts: 16 Forumite
quick question;
if i managed to negotiate a substantial discount on a porperty say 40% off the asking price (for agruments sake 100k house for 60k) would the mortgage company still insist on a CASH deposit if i went for 75% loan to value as the discount negotiated would cover the deposit?
if i managed to negotiate a substantial discount on a porperty say 40% off the asking price (for agruments sake 100k house for 60k) would the mortgage company still insist on a CASH deposit if i went for 75% loan to value as the discount negotiated would cover the deposit?
0
Comments
-
Discount on the price just reduces the asking price?
Get a deposit. You know it makes sense to actually take responsibility for entering into the biggest financial decision you'll ever make.0 -
Your lender is going to lend you 75% of whatever the purchase price is, not 75% of whatever the asking price is, so you still need to come up with the other 25%0
-
So you'd want your lender to give you all the money with no input from yourself at all and no security, even though they are lending you thousands of pounds? No lender is going to do that.
They will base their 75% LTV on the price the property sells for, not based on the original asking price.
On the upside, at a discount of 40% your 25% deposit will be significantly reduced.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards