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Likelihood of negotiating discount on a new build home??
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We managed £25k off the price and them to pay stamp duty (another £10k). There are certainly deals to be done if developers want to shift the houses but it does depend on the developer, location, house etc. I think your ability to negotiate on a house that is not yet built may be limited. Ours had stood empty for a while (at a price well above what it was really worth).Thinking critically since 1996....0
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Hi all, just been to the developer and managed to negotiate a 3% deposit contribution, integrated appliances and flooring. Not bad eh? Thanks for all your advice0
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3% cash incentive?Hi all, just been to the developer and managed to negotiate a 3% deposit contribution, integrated appliances and flooring. Not bad eh? Thanks for all your advice
Which lender are you using?
See sartois thread on the same subject.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 -
Think you will need a 3% reduction in price and not a 3% deposit contribution! Most lenders will not accept a cash incentive on shared equity.0
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Think you will need a 3% reduction in price and not a 3% deposit contribution! Most lenders will not accept a cash incentive on shared equity.
The broker has assured us that the lender is ok with the deposit contribution. I believe the lender is RBS but this has not been disclosed to us yet. Meeting with the broker tonight so should find out more then.0 -
NatWest doesn't accept newbuild cash incentives and AFAIK that's group-wide.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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The broker has assured us that the lender is ok with the deposit contribution. I believe the lender is RBS but this has not been disclosed to us yet. Meeting with the broker tonight so should find out more then.
Are you dealing with a new build specialist? Think you need to find out who the lender is....0 -
From NatWest criteria;-New Build Properties
The maximum loan-to-value on a residential new build house is 80% (65% for buy-to-let). For a residential new build flat, the maximum is 75% (65% for new build buy-to-let flats).
The amount will be calculated on the net purchase price or the valuation whichever is the lower. The net purchase price is the gross purchase price less all incentives.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 -
Hi all, the lender is Halifax and apparently because it is classed as 3% gifted deposit and not an incentive, it has been accepted. It is a new build specialist broker.0
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