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simondavies_92
Posts: 1 Newbie
Hi,
We are buying a house from a memeber of family later on this year. The house is worth £150k but they are VERY kindly agreeing to sell it to us for 70K!! We are fist time buyers and have been saving for a deposit and were wondering how much deposit we would need in these circumstances? Is the deposit based on the amount borrowed or the house value?
Many thanks in advance
Simon
We are buying a house from a memeber of family later on this year. The house is worth £150k but they are VERY kindly agreeing to sell it to us for 70K!! We are fist time buyers and have been saving for a deposit and were wondering how much deposit we would need in these circumstances? Is the deposit based on the amount borrowed or the house value?
Many thanks in advance
Simon
0
Comments
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simondavies_92 wrote: »Hi,
We are buying a house from a memeber of family later on this year. The house is worth £150k but they are VERY kindly agreeing to sell it to us for 70K!! We are fist time buyers and have been saving for a deposit and were wondering how much deposit we would need in these circumstances? Is the deposit based on the amount borrowed or the house value?
Many thanks in advance
Simon
Lending is based on the percentage of what you want to borrow against value of house. With that in mind if they agree with the value of the house it would put you in a good position without a deposit as effectively your family member has given you 80K and that is your deposit.0
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