Reducing Deposit, gifted deposit

spu00cc

I am struggling to get together the 10% deposit required for a mortgage at the moment. I have some equity but we are hoping to make a significant move up the ladder. I can afford the huge increase in monthly payments but I cannot get the 10%.

A mortgage advisor mentioned to me once that I could get the seller to pay my deposit or maybe even just 5% would be enough, if I effectively overpay for the house. For example, could I offer 205k for a house advertised at say 220k but pay 215k and get the 10k back on completion?

Would the mortgage supplier question me at that level?
Is this common?
Would it decrease my bargaining power with the vendor?

Any other ideas on how to boost my deposit by 10k?

Thanks

GMS

Was this 'adviser' one from a bank or an independent. Either way they should be shot.

You cannot over inflate figures to make a mortgage fit. Nobody is allowing vendor deposits now so what is being proposed is not going to happen. A solicitor would need to report the cashback to the lender unless it is going in a brown envelope which is fraud.

Property would need to value at more than it is worth too which is unlikely to happen.

If you haven't got the funds you cant get the house.

CLAPTON

your solicitor wouldn't go along with that unless agreed with the lender