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Buyer doesnt have a high enough deposit
Comments
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Thanks for all the feedback guys0
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Curiously enough, I found quite a few 95% mortgages for FTBs on moneysupermarket.com This one for example:
Lender Lloyds TSB Lend a Hand
Product Name 3yr Fix (20% savings)
Type of Mortgage Fixed
Initial Rate 4.54%
APR 4.20%
Max LTV 95%
Actual Cost Over 10 Years £51,590.15
Monthly Repayments £440.90
Scheme Duration To November 2014
Lender's Base Rate 3.99%
Just checked this out and your parents or your "Helpers" have to garuntor 10% of the purchase price and has to have the cash available in svina Which is stupid, who has a spare 17 grand hanging around... An I they did I'm sure they could have helped him out in the first place!0 -
Madness! I would take any such thoughts of "swindle" and dodgy way out of the equation. As many others have said, all solicitors should politely decline to do such business.
Either A) give him the 1500 with a gentlemans agreement that he pay you back or sell it to him at a lower price with a gentlemans agreement to pay you the difference. Or he could get a separate loan (if he is credit worthy enough to have a loan and mortgage) or indeed "cash a credit card cheque" etc.0 -
I've heard Skipton are doing a 95% LTV mortgage. But the rate is really high?0
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