Bovis 75%/25% help please?

Disney_Pluto

Me and my boyfriend have put a deposit down for a Bovis house and are doing what they call 'Jumpstart', which is 75/25.

I am currently a student in my last year and my boyfriend has been approved for a mortgage of £84,000. The 75% would be £93,000 so we would be topping up the rest with our deposit money. We had gone through all this and all our finances with the finacial adviser who Bovis told us to go to. Everything seemed to work out and we could afford it fairly comfortably.

However we went to Bovis to put our deposit down. They knew we wanted to do jumpstart at 75/25 and they had agreed jumpstart would be fine previously. When we were half way through the deposit form the lady told us that it would be 80/20 because the bank wouldnt lend us the money unless we had a 5% deposit. We tried to explain that we didnt have all the money for the mortage anyway and we were already putting down a deposit. She didnt seem to listen and put 80/20 anyway. We thought this would be fine as my parents had already said they would give us the extra money we needed. However when we came home to do some figures we actually realised that of course an extra 5% would actually be like £7,000 which is a hell of a lot when we are already putting in £10,000.

Im not sure if anyone can help but do you think this is right? It just seems a bit strange that the mortgage advisor wouldnt have told us about this at the time and how can bovis advertise 75/25 if you can never actually get that?

Hope someone can help. Thanks

Conrad

Very confused here.

You say you are inputting £9000, the difference between £93k and £84k.

You do not say what the property price is. Is £9000 not equal to 5%?

Disney_Pluto

Sorry, I know its confusing and im half confused myself.

The property is a 2 bed house at £124,950.

So yeah the £9,000 we are putting in our selves is well over the 5% deposit.

Disney_Pluto

Basically just spoken to Mortgage advisor/Bovis and Bovis have now said they will only offer 80/20 on the property. Now why didnt they say that in the first place rather than telling us it was about what the banks will lend us. :mad:

Conrad

I think what's happening nhere is this;

1) You say the maixumum loan available from the lender is £84000

2) The seller can input 20%, which is £24990

3) The difference between the 80% figure of £99960 and the mortgage of £84000 = £15960, that being the cash you need to input (plus any fees of course)

Good luck

sarcasmisunfortunatelyfun

I think I know what happened as I was in the same position. You may have been subject to a slightly stupid sales advisor who was referring to the old government scheme which was 75-25. I was looking to do this scheme but it finished last sept I believe and my flat wasn't due to be built until dec so missed out and had to go with the jumpstart. It's not the best but is better than nothing just means you need more from your lender.

Not sure if I'm allowed to post brands here as it's my first post but id suggest if you need more money and can't borrow it from family, Halifax normally offer high amounts. They offered me more than 4x my salary which even my own bank (who I actually work for) didn't!!! Just make sure you know how much you can afford monthly as we don't want you borrowing more than you can afford (arguably why our country got so screwed in the first place - irresponsible lending!)

Hope that helps a bit x