We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
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.
mortgage for private sale
sibod2002
Posts: 76 Forumite
hi guys
i am looking to buy my friends property and have a greed a price of 125000.however my friend(the seller) has agreed to give me the 10% deposit needed to put down and i will add it to the price of the mortgage.
so after number crunching the mortgage i will ask the bank for is 137,500 with me putting a deposit of 13,750 (which i will be given by the seller).
Just wondering what you guys think about this and whether the banks will accept this?any advice appreciated
i am looking to buy my friends property and have a greed a price of 125000.however my friend(the seller) has agreed to give me the 10% deposit needed to put down and i will add it to the price of the mortgage.
so after number crunching the mortgage i will ask the bank for is 137,500 with me putting a deposit of 13,750 (which i will be given by the seller).
Just wondering what you guys think about this and whether the banks will accept this?any advice appreciated
0
Comments
-
No they won't.0
-
you need a valuation report on the property to see what the bank will lend againsy it - jus cos yu tell them it's worth 137k does not mean they will agree
plus, fraudulent application. if caught, may never be able to borrow again. worth it??Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.1K Banking & Borrowing
- 252.8K Reduce Debt & Boost Income
- 453.1K Spending & Discounts
- 243K Work, Benefits & Business
- 597.4K Mortgages, Homes & Bills
- 176.5K Life & Family
- 256K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards