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5% vendor deposit
Adam_Laing
Posts: 8 Forumite
Hi,
we are in the process of trying to buy our first home and there’s not a lot of options other than 15% at the moment, however, we have agreed with the seller of a house we like that we will pay 10% and the remaining 5% comes from him. Vendor gifted deposit I believe it’s called? We have spoken to one mortgage advisor who said this isn’t possible and another who says it is?
we are in the process of trying to buy our first home and there’s not a lot of options other than 15% at the moment, however, we have agreed with the seller of a house we like that we will pay 10% and the remaining 5% comes from him. Vendor gifted deposit I believe it’s called? We have spoken to one mortgage advisor who said this isn’t possible and another who says it is?
Please can people help me to advise wether this is possible in the current climate, as if we can find a mortgage company to give allow this kind of deal we can get the house we like now
thanks
thanks
0
Comments
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Find a cheaper property to purchase.1
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The house is only 95k, hard to find one that's liveable for cheaper!Thrugelmir said:Find a cheaper property to purchase.0 -
You can't buy if lenders don't' want to lend to you. Either find a cheaper house or continue to save for a deposit. Get a broker to see what your limited options areAdam_Laing said:
The house is only 95k, hard to find one that's liveable for cheaper!Thrugelmir said:Find a cheaper property to purchase."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
There are some 10% deals about - not many grant you but they are there and brokers are still doing them0
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