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First Time Buyers + Vendor Gifted Deposit = Confused
1st-timer
Posts: 3 Newbie
Hi
Myself and my partner are looking to purchase our first property.
We contacted a homebuying scheme who assist first time buyers to get on the property ladder via a vendor assisted deposit.
We have found the property and the vendor has accepted to drop the purchase price by 5%.
Where do we go from here?
Do we have to go through the homebuyer scheme? They charge fee's of around £2500...... but I can’t see what they are actually doing for these fees.
Can we get a mortgage independently bearing in mind we require a lender who will accept part vendor deposit?
Does anyone know of any lenders who are currently doing these type of mortgages?
Any help is grateful as we do not want to incur any unnecessary fees..
Myself and my partner are looking to purchase our first property.
We contacted a homebuying scheme who assist first time buyers to get on the property ladder via a vendor assisted deposit.
We have found the property and the vendor has accepted to drop the purchase price by 5%.
Where do we go from here?
Do we have to go through the homebuyer scheme? They charge fee's of around £2500...... but I can’t see what they are actually doing for these fees.
Can we get a mortgage independently bearing in mind we require a lender who will accept part vendor deposit?
Does anyone know of any lenders who are currently doing these type of mortgages?
Any help is grateful as we do not want to incur any unnecessary fees..
0
Comments
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So do you have any deposit at all, or are you relying solely on the 5% vendor-gifted deposit??"You were only supposed to blow the bl**dy doors off!!"0
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Yes, the our 5% + vendors 5% = the 10% required.
Just need to know if you can go it alone?0
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