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First Knockback!!
danksybaby
Posts: 145 Forumite
Well im a FTB and ive had my 1st knockback....didnt think they would say yes but one can try.
We like a house that is £115,000 and we have a 5% deposit..but that means paying £700 a month mortgage so 10% deposit will be the better option.
However the estate agents we are going through do a scheme where sellers can join and pay 5% deposit for the buyer, hence selling their house quicker.
We then asked if they would join this scheme but they have said no :rolleyes: :rolleyes: which has put me on a downer as ive never done this kind off thing before.
So we have now gone back and said if we offer £118,000 will they join the scheme therefore they will still get £110,000....so here is hoping, fingers crossed?!!
Just a moan really...would you join the scheme if you were in the sellers position?
We like a house that is £115,000 and we have a 5% deposit..but that means paying £700 a month mortgage so 10% deposit will be the better option.
However the estate agents we are going through do a scheme where sellers can join and pay 5% deposit for the buyer, hence selling their house quicker.
We then asked if they would join this scheme but they have said no :rolleyes: :rolleyes: which has put me on a downer as ive never done this kind off thing before.
So we have now gone back and said if we offer £118,000 will they join the scheme therefore they will still get £110,000....so here is hoping, fingers crossed?!!
Just a moan really...would you join the scheme if you were in the sellers position?
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Comments
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I don't see how increasing the price will reduce your £700 monthly mortgage repayment... unless you get a lower interest rate on the mortgage for having "10% deposit".
Sounds dodgy to me!0 -
I don't fully understand how these things work, but how do you know that the mortgage valuation will be less than the price you are paying?
I wouldn't join the scheme if I was in the sellers' position as it sounds dodgy to me, and sounds like the sort of thing that banks will be clamping down on.0 -
I don't fully understand how these things work, but how do you know that the mortgage valuation will be less than the price you are paying?
I wouldn't join the scheme if I was in the sellers' position as it sounds dodgy to me, and sounds like the sort of thing that banks will be clamping down on.
In a falling market you might just find that the survey wont value the property to the level that youd need for a fake valuation.0 -
I just want to wish you luck danksybaby and keep us all informed!
BenSavings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0 -
This sort of creative accountancy is madness. It should be stopped.
How long has it taken you to save 5% deposit?0 -
5% gifted deposits are perfectly legal. The valuation is the full market value and the seller gives the buyer 5% towards their mortgage at completion. Developers have been doing it for years. Sellers have started doing it along with stamp duty paid to get their house sold. As long as you are upfront with your mortgage company then there is nothing wrong with it.0
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Developers have been doing it for years. .
And there are many stories on here already about people who've bought from developers and have come off very badly from it.
Just because developers do it doesn't make it right.
If they give everyone a 5% discount - then they're admiting they're overvalued by 5%.0 -
Maybe they want 115k for the house? you are asking to pay a lower price, so don;t be put out if they say no - not everyone is prepared to negotiate.:cool: DFW Nerd Club member 023...DFD 9.2.2007 :cool::heartpuls married 21 6 08 :A Angel babies' birth dates 3.10.08 * 4.3.11 * 11.11.11 * 17.3.12 * 2.7.12 :heart2: My live baby's birth date 22 7 09 :heart2: I'm due another baby at the end of July 2014! :j
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As long as you are upfront with your mortgage company then there is nothing wrong with it.
And the mortgage company will say NO. This is effectively a 100% mortgage, putting the lender into immediate negative equity in this falling market without the borrower sharing the risk.
Why do you think 100%+ mortgages disappeared?:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Another one for the statistics...It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0
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