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Vendor gifted deposit
NewbeeT
Posts: 11 Forumite
I am purchasing a new Build flat , I have 15% deposit and the builder is paying another 5% . Value total£175995 . HSBC are asking for some sort of certificate as proof and both the builder and the solicitor say they have never heard of this . Anyone ever had to do this? My solicitor will have a letter from the builder and the reservation form clearly states it as a 5% deposit paid incentive. Subject to me having the balance. Help appreciated!
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Comments
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Builder gifted deposit is pretty common in the newbuild mortgage market. The surveyor acting for the lender is responsible for the CML certificate which explains any incentives.
HSBC doesn't fully follow the CML Handbook, but in this respect I'm pretty sure that's what they are referring to.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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