First Time Buyer - Confused!

lizzak

Hi,

Im a FTB and really confused at the moment!

I had my mortgage advisor appointment Friday, I was only really interested in one mortgage from the Halifax - the vendor gifted deposit scheme.

I can have this mortgage - the advisor is happy that I have the affordability etc...

However...

My advisor has recommended that I dont buy a house more than £80k - as Im buying the house on my own and wont be able to afford the repayments if i went higher.

My mom and dad have very kindly agreed to lend me the 5% deposit I need and the rest will be from the vendor gifted deposit.

Ive seen a house that Im very interested in, I want to put in an offer next week (my mortgage advisor said he will do the negotiating for me) but does the Seller have to agree to give me "the gifted deposit"?

If she does, what would happen if she didn't want to do this? Will I find it hard to get a house using this scheme?

- (the house is on the market for £84500 and she has stated to the estate agent that she'll consider going to £80k)

Im just so confused about this scheme!!!

Any help/advice would be greatly appreciated!!!

Thanks.

Running_Horse

I wouldn't gift a deposit. Next you'll be asking me to pay your mortgage for a year. But no doubt a minority are desperate enough in unsellable properties to do so. If they say you can only afford £80,000 there is a reason. Have you factored in repayments of the debt to your parents? Of course you could just save up for a couple of years...

Salz

What salary are you on and do you have any dependants? If you need a vendor gifted deposit, I am guessing you have no savings at all? I would think very carefully about what you are doing. Also, please tell me you are not going for an interest only mortgage?

sacred_2

Do not let others take control of this for you, do the negotiating yourself. Imo if you lose control and don't know whats going on, people will take advantage of you!!

arby

why haven't you saved a penny yourself yet? if you're taking on a massive debt then wouldn't you like to know that you have the ability to save money first for when it's needed? and if you're buying a house there will be plenty of times when you need literally thousands of pounds in reserve.

aisloy15

good,it is so usefull

paul1964_2

lizzak wrote: »

Hi,


- (the house is on the market for £84500 and she has stated to the estate agent that she'll consider going to £80k)

Thanks.

The asking price is now £80k - you should offer lower. Around £70k would be a reasonable place to start and you should negotiate hard to get the property well below £80k.

Do not be embarrassed to do this. It is a buyer's market.

lizzak

Thanks everyone for your views - comments. Ive actually had an offer accepted with that mortgage now.
I have enough savings for my solicitors fees/surveys etc. Its going to be just my home i have no dependants and im on nearly £21k.
My mom and dad arent in a rush for the money back so thats not a major problem at the moment. The reason why im not saving up alot is i rent at the moment and dont really want to keep renting while im saving for a deposit.

But now im on the way to owning my for my first home :-)