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First Time Buyer Question
House is for sale for offers in the region of £50,000. The house and garden has been valued at £90,000. My question is about the deposit, would this be say 10% of the £50,000 or £90,000?
Comments
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It would be 10% of the price that you pay.0
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I would expect that deposit to be 10% of whatever offer is accepted on the property0
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The mortgage and the deposit will be based on the purchase price or the valuation, whichever is the lower.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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[FONT=Arial,Helvetica,Geneva,Swiss,SunSans-Regular]I would not say that 10%.
Probably the best feature of an FHA mortgage is that the down payments are on the minimum, which is 3%. What’s also nice about this loan is that your employer or a charitable institution can make the down payment in your behalf.
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FHA - Federal Housing Administration? Bizcheers, are you posting from the USA?[FONT=Arial,Helvetica,Geneva,Swiss,SunSans-Regular]I would not say that 10%.
Probably the best feature of an FHA mortgage is that the down payments are on the minimum, which is 3%. What’s also nice about this loan is that your employer or a charitable institution can make the down payment in your behalf.
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In the UK it is normal for the deposit, which is paid at exchange of contracts, to be 10% of the house purchase price unless both parties and their solicitors agree otherwise.0 -
Thank you all for your replies0
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