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EA tells me their 'home buyer deposit scheme' is fab...
amcluesent
Posts: 9,425 Forumite
I'm on the point of instructing an EA to sell my property.
One of them is pitching to me that their 'home buyer deposit scheme' is unique in allowing buyers with less than 5%-10% deposit to make a purchase, hence they can generate more proceedable buyers.
Does this sound plausible, or are there now 100% mortgages re-appearing to support NINJA purchasers ?
One of them is pitching to me that their 'home buyer deposit scheme' is unique in allowing buyers with less than 5%-10% deposit to make a purchase, hence they can generate more proceedable buyers.
Does this sound plausible, or are there now 100% mortgages re-appearing to support NINJA purchasers ?
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Comments
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I wouldn't believe it.
Gifted deposits worked in the boom when lending standards were lax and banks were happy to lend on 'deposits' which were really just reductions on an over-inflated sales price.
Nowadays very few mortgage lenders accept gifted deposits as real and it is obligatory to disclose them.
Plus a high 'ticket price' can put off potential buyers from ever making contact in the first place, particularly if they don't even notice the gifted deposit.0 -
Your the one who will be gifting the deposit....bewareIt is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Corrected for you.princeofpounds wrote: »I wouldn't believe it.
Gifted deposits worked in the boom when lending standards were lax and banks were happy to lend on 'deposits' which were really just reductions on an over-inflated sales price.
Now no mortgage lenders accept gifted deposits as real and it is obligatory to disclose them.
Plus a high 'ticket price' can put off potential buyers from ever making contact in the first place, particularly if they don't even notice the gifted deposit.
Halifax was last out of the second-hand, vendor gifted deposit market, in July last year.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 -
Halifax was last out of the second-hand, vendor gifted deposit market, in July last year.
How times move on!
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