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Is this viable?

bunnyboo_2
bunnyboo_2 Posts: 11 Forumite
in Mortgages & endowments
Me and my husband are looking at putting an offer in on a property it is on at 315,000 and we are looking to offer 280,000. Would it be possible for us to pay the vendors 30,000 cash and 250,000 on the mortgage?

Comments

  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    No chance at all..
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • R_P_W
    R_P_W Posts: 1,527 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Do you mean a 30k deposit and then have a 250k mortgage? Or you saying something different?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    bunnyboo wrote: »
    Would it be possible for us to pay the vendors 30,000 cash and 250,000 on the mortgage?

    Yes, but I doubt its in the context you are asking.

    If its to avoid stamp duty then you'll find no takers for your game. As the penalties are simply too severe.
  • bunnyboo_2
    bunnyboo_2 Posts: 11 Forumite
    Thank you for your replies, I didn't think it would be possible.
This discussion has been closed.
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