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15% Deposit for 1st Time Buyer
Loumossy
Posts: 1 Newbie
My daughter has put an offer in on her forever home, been accepted, had mortgage and help to buy scheme in place she has £7000 but now needs £10500, she has an excellent credit score, works full time is only 21 but the Covid situation is not helping buyers to get on the property ladder, any suggestions welcome
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Is the home built or to be built / finished off?
Is she still living in the family home or renting?
In theory, she can save the rest of the money between now and exchange, or family can gift her the difference.Mortgage started 2020, aiming to clear 31/12/2029.0 -
If she is using the help to buy equity loan then only a 5% deposit is needed?0
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A forever home at 21? Thats optimistic.4
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A forever home at 21? Thats optimistic.0
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LOL that was my thought as well.Benjy79 said:A forever home at 21? Thats optimistic.
She needs to save more money. The whole point of banks requiring higher levels of equity is that she has to have skin in the game, and more skin when times are highly uncertain.
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If it's the one and only property she's ever going to buy, it's not much of a "ladder". What's the rush?Loumossy said:My daughter has put an offer in on her forever home...works full time is only 21 but the Covid situation is not helping buyers to get on the property ladder1 -
If she can't afford it, she can't afford it, that's life. Or you could be wonderful parent and lend her the £3,500 she needs (taking out a loan in necessary) and then she could afford it.0
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Mortgage lenders don't like deposits being borrowed.moneysavinghero said:If she can't afford it, she can't afford it, that's life. Or you could be wonderful parent and lend her the £3,500 she needs (taking out a loan in necessary) and then she could afford it.2 -
But they often don't question it too stringently, she could say the money has been gifted by her parents.davidmcn said:
Mortgage lenders don't like deposits being borrowed.moneysavinghero said:If she can't afford it, she can't afford it, that's life. Or you could be wonderful parent and lend her the £3,500 she needs (taking out a loan in necessary) and then she could afford it.0 -
We try to promote legitimate ways of saving money around here, not give advice on how to commit mortgage fraud.Barny1979 said:
But they often don't question it too stringently, she could say the money has been gifted by her parents.davidmcn said:
Mortgage lenders don't like deposits being borrowed.moneysavinghero said:If she can't afford it, she can't afford it, that's life. Or you could be wonderful parent and lend her the £3,500 she needs (taking out a loan in necessary) and then she could afford it.1
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