How attractive is a deposit contribution?

SteveScooby

As above.

Our house is currently on the market for OA £117k, how benficial do you think it would be to offer 10% deposit paid?

Would like a quick sale as we have seen a house we like the look of.

Thanks

Steve

BitterAndTwisted

Mortgage lenders don't like gifted deposit and as a buyer neither would I Why not just drop the price of the property to a level which is attractive to a sensible buyer?

sonastin

10% off the asking price will make more difference than a 10% deposit. Buyers will still need to save a deposit of their own before the bank will consider lending to them. More people will be attracted by a low price than a marketing gimmick.

Tygermoth

As FTB the deposit would be better for me

The house price being lower means FA if i have not got a deposit big enough.

Moglet

I *think* the lenders that allow a vendor gifted deposit will only allow 5% unless it's a shared equity deposit which isn't a gift/reduction at all. I sure the mortgage advisors will be along shortly to confirm or quash.

megzmam

i tend to agree with what people have already replied if you can reduce the asking price to make it more appealing price wise. when we were looking recently any houses that offered a percentage towards deposit were offering 5%, 10% in my opinion seems a bit high, but good luck whatever you decide and hope you get the quick sale you are after