FTB Near completion need advice

Stomp_25

Hi me and my gf have been looking at properties for a while and decided on a new build worth £172,995. As my uncle is in the trade he advised on having a snagging inspector to view the property & has been completed & given the site manager prior to completion. We have decided on the shared equity as our deposit size through savings is £22,000. We have done a 90% mortgage through halifax 4.6%2yr fixed 35yrs term & second charge to developers the 10% £17299.5 to be paid back in 10yr interest free. The develpors have given us a gifted deposit of £8649 which does not need to be payed back. Also I will be receiving a gift from my fathers pension in 7yrs time where I will be able to pay back the 10% charge. I have also still kept my savings account open to pay £100 into to help over pay some of the mortgage as 35yrs I will be paying more interest.
I would just like to know if this is a resonable deal for a ftb as we have been renting and feel that the sooner we can get on the ladder the better. thanks

CloudCuckooLand

How much below the original asking price is the price you settled on ?

Have you looked up the sold prices of nearby similar properties ?

hcb42

I dont know if I am being daft, but I am not following the numbers.

You have £22K, they are giving you £8K as gifted deposit, and you are still getting a 90% mortgage AND a second charge of some description?

I think that sounds mad, as is relying on the payment from the pension fund in 7 years....

Perhaps I have misunderstood it all however.

Personally, I would think it would be better to negotiate harder, and not have to take out this ten year option with the builder.

35 years is an awfully long time as well.