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Can I lower my initial offer?
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Would you have any recommendations whether to go with the bank directly or first mortgage adviser? Is any of you also familiar with what are the interest rates approximately for first time buyers with about 9% deposit?0
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https://www.moneysavingexpert.com/mortgages/best-buys/
You're not going to get a market leading rate with such a small deposit, but it will give you an idea of the possible monthly costs0 -
See this thread for the seller's perspective:
https://forums.moneysavingexpert.com/discussion/57800020 -
Do you have £3k plus 9% plus enough for fees and moving expenses?0
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How long has it been on the market? What is the value on the home report?0
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No one can tell you how the vendor might react. Regardless of what you do, he could withdraw his acceptance and ask for £70K. Until you exchange, either party can do whatever they wish to without any legal or financial consequences.No free lunch, and no free laptop
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No one can tell you how the vendor might react. Regardless of what you do, he could withdraw his acceptance and ask for £70K. Until you exchange, either party can do whatever they wish to without any legal or financial consequences.
Not in Scotland. "Concluded missives" is the stage at which things can get serious if you make changes or pull out.0 -
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hristina922 wrote: »We did offer 68K and have to spend 7K on deposit. We intend to get mortgage of 61K from the bank. The home report is for 65K.
Which gives you just over 6% deposit. The mortgage will be based on the lower of the home buyer report or price paid. So it will be calculated on £65k and you'll have to find the £3k in addition to your deposit.0
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