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Potential buyer- strange query!
dollar101
Posts: 9 Forumite
Hi,
I was recently left a house by a close friend who passed away. I done some work to modernise it and put it on the market to sell.
Approx 7 weeks ago I accepted an offer and was told the mortgage was agreed in principle.
The potential buyer contacted me today with the following questions on behalf of their lender-
Have you ever lived there? Is it for an investment?
They stated that they had to pay a bigger deposit if I was selling for an investment.
Never heard of this before.
Is this normal??
I was recently left a house by a close friend who passed away. I done some work to modernise it and put it on the market to sell.
Approx 7 weeks ago I accepted an offer and was told the mortgage was agreed in principle.
The potential buyer contacted me today with the following questions on behalf of their lender-
Have you ever lived there? Is it for an investment?
They stated that they had to pay a bigger deposit if I was selling for an investment.
Never heard of this before.
Is this normal??
0
Comments
-
Wierd.
Your personal and/or business arrangements are none of their business.
The buyer is buying a property. The lender is lending on it. Let them ask Qs about the property itself (has the boiler been serviced etc) but what you've used it for is none of their business.
I would politely decline to answer.0 -
That doesn't sound right. They would be expected to pay a higher deposit if they were buying it as an investment, i.e. as a buy to let. It sounds as though they are confused.Fashion on the Ration
2024 - 43/66 coupons used, carry forward 23
2025 - 62/890 -
Yes, sounds like the question is from the lender for the buyer i.e. Are they living there or buying it for let/investment0
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It is also the sort of question someone would be asked if they were remortgaging an existing property. Maybe they are porting a mortgage and the form is clumsily designed.Fashion on the Ration
2024 - 43/66 coupons used, carry forward 23
2025 - 62/890
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