Deposit contribution with new build

COYI123

Hello everyone , hope you are well and hopefully someone could help , basically me and my partner are currently buying a new build and have a 10% deposit , we have been told that due to the fact you are buying a new build , our broker has said lenders will only do 15% deposit at this moment in time , problem is , that is about another £20k on top of our current 10% deposit which we don’t have , when we bought the property we agreed in house incentives such as flooring , kitchen , etc , my stamp duty alone is £7k and we would need about another £11k on top of that (18k in total) to make it to 15% deposit , does anyone know if most building developers will help with this since it is such a far point in to buying our house and the developer is desperate to get it sold ASAP as well ? Thanks for any help! 

middleclassbutpoor

How did you end up buying a house that you don't have a deposit for? 

Normally, you would be qualified to buy a house and your broker and/or solicitor wouldn't allow you proceed without ensuring your mortgage would allow you to complete?

Builders will offer various incentives, which it sounds like you have had, such as flooring and upgraded kitchen etc. I

Have you exchanged contracts -I assume not but there is usually there is a short period for this to happen with new builds.

If you haven't already, you can only ask the builder to see if they could do anything further but if they can't, they would probably take your reservation fee and try and sell again if they felt they could make more profit that way. 

Its not easy for anyone to say what the builder will do because it can be down to a number of factors and the builders situation. 

No19v87

COYI123 said:

Hello everyone , hope you are well and hopefully someone could help , basically me and my partner are currently buying a new build and have a 10% deposit , we have been told that due to the fact you are buying a new build , our broker has said lenders will only do 15% deposit at this moment in time , problem is , that is about another £20k on top of our current 10% deposit which we don’t have , when we bought the property we agreed in house incentives such as flooring , kitchen , etc , my stamp duty alone is £7k and we would need about another £11k on top of that (18k in total) to make it to 15% deposit , does anyone know if most building developers will help with this since it is such a far point in to buying our house and the developer is desperate to get it sold ASAP as well ? Thanks for any help! 

No such thing as free incentives, they’re all costed into the sale price and builders love making you think they’re cutting you a great deal or doing you a favour. 

We’re buying a new build with 10%. There are lenders out there but more likely specialist than high street, which would be a higher interest rate.