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90% LTV and 5% Developer Gifted Deposit
welshwizard1927
Posts: 104 Forumite
Hope you will be able to answer a few questions I have:
We have seen a property on a development that is completed and waiting for a buyer. Basically dead money to the developer.
We have a 5% deposit for the property. Clearly, as a new build, this will not suffice.
However, the developer has also offered a 5% contribution to our deposit. I am due to speak with a mortgage broker today regarding our options, but is anyone aware of any lenders that will accept this form of gifted deposit for a 90% LTV mortgage.
I appreciate that in any event it is dependent on valuations etc.
Many thanks!
We have seen a property on a development that is completed and waiting for a buyer. Basically dead money to the developer.
We have a 5% deposit for the property. Clearly, as a new build, this will not suffice.
However, the developer has also offered a 5% contribution to our deposit. I am due to speak with a mortgage broker today regarding our options, but is anyone aware of any lenders that will accept this form of gifted deposit for a 90% LTV mortgage.
I appreciate that in any event it is dependent on valuations etc.
Many thanks!
0
Comments
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Th trouble you'll have is a lender willing to accept a 90% mortgage on a newbuild. Most top out at 80% or 85%.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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