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.We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Vendor Incentive Scheme
mg12345
Posts: 1 Newbie
hi...
I am a first time buyer and struggling with the deposit. I can manage a 5% deposit. Do any one one of you know which estate agents work on the deposit gift schemes from the seller.
I am a first time buyer and struggling with the deposit. I can manage a 5% deposit. Do any one one of you know which estate agents work on the deposit gift schemes from the seller.
0
Comments
-
It will do you no good. This thread refersHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
-
Theoretically any vendor can agree a higher price and offer you a vendor gifted deposit. Anyone can say, "I'll sell you my home for 95k but we'll call it 100k and I'll gift you 5k deposit."
Two main problems:
a) your mortgage lender has to accept vendor gifted deposits and
b) the valuer has to agree that the property is worth 100k.
On top of that you have to have solicitors happy to play along with the game.I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
If you can't afford to save a deposit plus solicitors fees you can't afford to run a house: there are always extra outgoings that you haven't budgeted for.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 348.9K Banking & Borrowing
- 252.4K Reduce Debt & Boost Income
- 452.7K Spending & Discounts
- 241.8K Work, Benefits & Business
- 618.3K Mortgages, Homes & Bills
- 176K Life & Family
- 254.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards