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Deposit on buying a house
Dilan1975
Posts: 2 Newbie
Hi, I am a first buyer. With the right to buy scheme I have been offered to buy a council house for 50k . I have 5k deposit in my ISA account. My mother is sending me a gift from overseas 15k. I am looking for a short term mortgage. A mortgage advisor found a lender (Halifax) that offers me 50k with 24 years term on 1,8% interest ( fixed for 2 years). The question is shall I use 15k gift as a deposit on the house as well and would it change the interest rate or the length of the term ie do i save any money in paying more deposit or shall i do mortgage overpayments ?
Is it necessary that a gift money should be paid into my bank account from another account overseas or I can use other money transfer methods? What will be the best (cheapest) way? From what I heard direct bank transfer is not the best deal as the exchange rate is usually lower also the fee! Thanks in advance
Is it necessary that a gift money should be paid into my bank account from another account overseas or I can use other money transfer methods? What will be the best (cheapest) way? From what I heard direct bank transfer is not the best deal as the exchange rate is usually lower also the fee! Thanks in advance
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