Help or Advice please

ofrexil

Hi,

Wondering if anyone could give a liitle advice to myself and my other half.
We are first time buyers in northern ireland. We have been approved a monentum mortgage with the ulster bank. Being that the developer will pay our deposit for a house in a new development.
We have seen a 3 bed semi that we like. Asking price is 159K. Though this is slighty more than we would be like to comfortable pay.
My questions are on the price we could offer? Because this is a new build and the developer is paying the deposit, is it possible or likely that the developer would except a lower price? and if so what sort of region would you imagine?
When the site was first advertised, just over a new ago, the house in question was marketed around the 200K price.

Many thanks for your time in reading this and any feedback is most appreciated.

poppy10_2

The momentum mortgage is a mega-con.

House prices in Norn Iron are falling further and faster than anywhere else in the UK - taking out a 100% mortgage in these times is sheer madness.

ofrexil

Gee, you've heard of them before then )

It is so attractive to ourselves beacuse of the deposit being paid.
Totally understand that house prices are falling and its not the best time to buy. But if you are able to get that price down somewhat, would this not be better.

What options do you feel would serve us better??

Many Thanks for your time.

poppysarah

Save your own deposit, borrow a sensible amount on a mortgage, pay it back month by month until you've 25 years later bought yourself a house.

poppy10_2

You will be in negative equity before you even start. The developers can't sell these homes on the open market (because they are hideously overpriced) which is why they have signed up with this scam with Ulster Bank rather than just cut the price. You are much better to wait twelve months by which time prices in NI are forecast to fall another 20-30%