1st time buyer mortgage deposit??

annm06

Hi im wondering if anyone could give me some advice.

my partner is wanting to buy a house he has found one for that is valued at £90000 but he can get it for £81000. would be still have to put a deposit down? we have some money saved but the house needs a lot of work so would ratrher put it to doing up house instead of having to take out a loan.

we live in scotland so not sure if that makes a difference. any help will be appreciated thanks

_Andy_

You'll need at least a 10% deposit +fees/costs

MPH80

my partner is wanting to buy a house he has found one for that is valued at £90000 but he can get it for £81000

A house is only worth what someone is willing to pay for it - so it might be valued at £90k by someone - but it's value is actually £81k because that's what you're paying.

As such - you'll need a minimum 10% deposit of the value of the property - e.g. £8,100. Plus solicitors fees, plus mortgage fees, plus everything else.

M.