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How much deposit do i need?
Asmodi
Posts: 2 Newbie
Hi
Hoping someone can advise me on this.
I am looking to buy a relatively inexpensive house using OMSE Scheme (Scotland).
The problem i am having is working our roughly how much deposit i will need.
I will be looking at the shared equity being around 20%.
This is based on the Home Report Price.
However the house is £10k below the Home Report price.
For instance.
The house home Report is £95k
The house is listed at £85k
I will be looking at 20% shared equity so that will be £19k
It does need some work done to it though.
I would be looking to mortgage around £75k (due to work needing done)
My questions are
1. Will the bank only lend me £85k asking price minus the £19k shared equity or will they lend based on the Home Report - £95k minus £19k?
2. Will i still need 10% deposit? or does the 20% equity share get taken into consideration?
3.If i do need a deposit is it based on 95k, 85k, 76k, 66k?
Thanks in advance.
Hoping someone can advise me on this.
I am looking to buy a relatively inexpensive house using OMSE Scheme (Scotland).
The problem i am having is working our roughly how much deposit i will need.
I will be looking at the shared equity being around 20%.
This is based on the Home Report Price.
However the house is £10k below the Home Report price.
For instance.
The house home Report is £95k
The house is listed at £85k
I will be looking at 20% shared equity so that will be £19k
It does need some work done to it though.
I would be looking to mortgage around £75k (due to work needing done)
My questions are
1. Will the bank only lend me £85k asking price minus the £19k shared equity or will they lend based on the Home Report - £95k minus £19k?
2. Will i still need 10% deposit? or does the 20% equity share get taken into consideration?
3.If i do need a deposit is it based on 95k, 85k, 76k, 66k?
Thanks in advance.
0
Comments
-
20% of £85k is £17k not £19k, is that all you're buying 20%?0
-
No im buying 80%0
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