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Offer for New Build - Ask for a discount?
superbiggles
Posts: 11 Forumite
We have been looking at a new build property constructed by Bovis Homes. The list price is £192,000 and we are first time buyers (no chain).
They are offering a very attractive mortgage deal with Woolwich for first time buyers with a 10% deposit.
www mortgagerates. org .uk/news/barclays-and-bovis-perfect-10-mortgage-offer
However, it appears that they will only offer this deal IF you pay the list price for the house. On all other properties we would look to make an offer as opposed to paying full price.
What do people think about the chances of them moving on the price and offering us this mortgage deal. If we do not get their perfect 10 mortgage, we will be forced to pay a 6% interest rate which is what most banks offer for 10% deposit mortgages.
They are offering a very attractive mortgage deal with Woolwich for first time buyers with a 10% deposit.
www mortgagerates. org .uk/news/barclays-and-bovis-perfect-10-mortgage-offer
However, it appears that they will only offer this deal IF you pay the list price for the house. On all other properties we would look to make an offer as opposed to paying full price.
What do people think about the chances of them moving on the price and offering us this mortgage deal. If we do not get their perfect 10 mortgage, we will be forced to pay a 6% interest rate which is what most banks offer for 10% deposit mortgages.
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Comments
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you can only ask...
the alternative is bargain hard and tell them you will arrange own finance...but you will need to weigh up both options
If you buy this overpriced and need to move in next few years, you will no doubt be in negative equity however.0 -
when we were buying a bovis home we briefly considered the perfect 10 scheme- we only walked through the door and they offered us a 5% deposit which meant we had 15% and managed to get a much better rate that way and we got quite a bit of money off the list price too.0
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It's all up for negotiation. As buyahouse says, I've also been offered 5% without even asking. Frankly I suspect you'd have to be mad to pay full list price, even if they do have a "special" mortgage.0
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Ask way more than 5%, we are in a falling market and prices are set to fall a lot further. All the economic bad stuff has hardly started.
A 10% deposit with no discount will have you in instant negative equity.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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