gifted deposit?

linzi_lou

hi, im wondering and hoping someone can help me please, we had an offer accepted on a house for 133,000, the house was up for 145,000, we were told before we started looking for a house we would qualify with a 10% deposit or eles we wouldnt have started looking.

anyway we now find oit that we need a 15% deposit, the seller has said that they will give us 5% depsoit, the house price raises to 140,00 but they give us 5% so brings it to 133,000 which we agreed on then we have our 10% on that so we will be borrowing the same, right?

so my question is will the monthly payments be higher than if we just had our 10% deposit woth us buying at 140,000 or will it be the same cause we will actually be borrowing the same amount, will be 119,700.

sorry to sound thick but just wanted to be clear of this, we are going to speak to the mortgage advisor about it aswell, this is our only option as they want a quick sale or they put it back on the market and we save for a 4-5 months to get the extra ourselves.

also if we can save say another 1000 whist its all going through we could add this couldnt we? and would this make much difference to the overall momthly payment though? thanks

unite79

PAymetn would be the same, less actually as you would get a lower loan to value product.

You choice of lender will be very resticted, and you do run the risk that the house will not value up. (ie lose val fee)

linzi_lou

hi thanks for your reply, what do you mean that the house wont value up? that the valuation will stat its not worth 140,000? its up for 145,000 and was told at the begining of yr it was up for 170,000, the mortgage company were with say that if we lose the house to the valuation then they will pay for the next one, so that could help in that situation?