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quick question on deposits... pls help!
Beaker99
Posts: 252 Forumite
Hi all - I'm a tenant, been in house for many (many!) years, Landlord is old and willing to pass house on to us for a reasonable cost - This will be about 50k less than similar houses have sold around us. question is... Will the amount of deposit required be based on the sale price (200k) or on the banks valuation (likely to be 250k - maybe more)?
All help gratefully received!
All help gratefully received!
0
Comments
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Most lenders will take the lower of purchase price or valuation and your deposit and mortgage will be based on that.
The odd lender will allow a sitting tenant to purchase their property at undervalue and use the difference as part of their deposit.
Speak to an independent broker for advice.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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