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Deposit Contribution
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Orlando_Virgin
Posts: 482 Forumite
Hi All
My partner and I are currently saving for our first house, living in the North West, we've currently saved £6k, house price range we are aiming for around 125k. We've seen a really nice house that we both like and although we know we are only half way to the required 10% for a mortgage, the mother in law mentioned something about the seller paying towards your deposit off the asking price??
We queried this with the seller and they have said they are willing to make a 4k (deposit contribution was the term the estate agent used).
Is this something that is done alot with the current state of the housing market and 1st time buyers, with the better rates only being offered to good sizaed deposits? Can we haggle this and try and get more contribution? Are we better to continue saving and have all our own deposit, any help is welcomed.
Thanks
OV
My partner and I are currently saving for our first house, living in the North West, we've currently saved £6k, house price range we are aiming for around 125k. We've seen a really nice house that we both like and although we know we are only half way to the required 10% for a mortgage, the mother in law mentioned something about the seller paying towards your deposit off the asking price??
We queried this with the seller and they have said they are willing to make a 4k (deposit contribution was the term the estate agent used).
Is this something that is done alot with the current state of the housing market and 1st time buyers, with the better rates only being offered to good sizaed deposits? Can we haggle this and try and get more contribution? Are we better to continue saving and have all our own deposit, any help is welcomed.
Thanks
OV
It's always darkest before the dawn.
"You are sheep amongst wolves, be wise as serpents, yet innocent as doves."
"You are sheep amongst wolves, be wise as serpents, yet innocent as doves."
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Comments
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This is a bit "iffy" to put it nicely and fraud to put it bluntly.
You would be pretending the true price, and therefore the true value, was £4,000 more than in fact it was.
You might get away with it.
You might get away with murder................................I have put my clock back....... Kcolc ym0 -
Really?
Might be stupid or naive but estate agent said on the phone this is a common thing these days for first time buyers to be asking?
I wouldn't want to do anything risky and certainly not fraudulent.It's always darkest before the dawn.
"You are sheep amongst wolves, be wise as serpents, yet innocent as doves."0 -
I believe this a termed a 'gifted deposit'."You were only supposed to blow the bl**dy doors off!!"0
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It's becoming more common for it to be offered by sellers, but you can ask for it as part of an offer you make.
As long as the house has been valued correctly and you get the necessary discount for the value of the gifted deposit then it's all fine.
There are only a few lenders which will accept it though.
It's not fraud at all as long as you're not deceiving anyone. So don't listen to those that say it is
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Just put Gifted Deposit Fraud into Google and it will bring up more that one hundred thousand links to this subject which has also already featured in the press and on radio and television.
I look forward to seeing what rus21282 has to say about the 100,000+ articles.
Here is one sample from The Times
http://property.timesonline.co.uk/tol/life_and_style/property/buying_and_selling/article3409571.ece...............................I have put my clock back....... Kcolc ym0
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