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first-time (cash) buyer needing help/advice
Comments
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If this is going to drain your savings, require borrowing from parents, leave you with no cash I would get a mortgage.
An offset would be ideal FD have a no fee one and this would give you access to cheap money in the future should your parents need the money back or there were some unexpected bill that could not be met from income.
The extra cost of setting up this facility would be quite low.
ongoing costs would be nothing while 100% offset.0 -
at no point have i said i'm a god that needs to be grovelled to, on the contrary i have come here asking for help whilst admitting my knowledge is somewhat lacking! i don't believe i'm sponging off of mummy and daddy, as i said i have saved most of the money myself, it will be something like 75% my cash, 25% theirs. my job is quite secure, and i intend to pay my parents back everything i borrow from them within 6-7 years. so a mortgage is definintely not an option for me, i feel the figures stack-up fine this way. for everybody that has offered help & advice i'm very grateful, i will get on the telephone to some solicitors on my next day off0
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Running_Horse wrote: »We had a cash buyer (thanks to mummy and daddy) who not only forced the price right down but then demanded another £20,000 off for £2,000 of works identified in the survey.
In the end we told her to get stuffed, came off the market to do the works, and sold to a couple with a mortgage for full asking price. It was a relief to no longer deal with a spoilt brat whose every other sentence included "I'm a first time cash buyer".
Yes you are in a strong position, but no you are not a god to be grovelled to. Most sellers will have a bottom line and the skill comes in finding it; but you cannot force someone to accept less than they can afford to sell for.
Yes I had someone chirping how they were mortgage free as if that put them in a better position when they had not sold their house so couldn't release the money to buy mine anyway!!!0
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