Buying House - Deposit

delm1977

Hi,

I am looking at purchasing a new house in Scotland that has had a home report completed and has a value of £220k. The sellers circumstances have changed and they are looking for a reduced price of £205k. Would I still need to put down a deposit??

davidmcn

Almost certainly yes, given there is almost no such thing as 100% mortgages these days. Mortgage LTV percentages use the lower of the valuation or the purchase price as the value.

juniordoc

The bigger % deposit you put down, the better mortgage rate you get. Use this opportunity to get yourself a better deal and fix before rates start to climb higher.

kingstreet

Vendor gifted deposit no longer exists, unless this is a landlord to tenant, or close family-linked sale.