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developers offer 10% deposit paid
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thankyou for your reply,I was concidering this option in the future,but the poll results and your comments have changed my mind. Thankyou all very much .
I'm not so sure...my jury's still out on this one.
I was considering using it as a way of dropping the price of my house below the mortgage value (i.e. use my deposit for next house to clear negative equity on current house, then use builder deposit for next house instead) and I thought it was a good idea!...that is until I read this thread.
I might consider what the mortgage advisor posted earlier - get 5% paid by developer, pay the other 5% myself, get 90% LTV mortgage, and if needs be, perhaps use a small personal loan to drop the price of my house...or I might just stay put!0 -
It's just a ruse to try and keep property prices high. Doesn't fool me.0
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It only keeps the wolf from the door for so long...if you can not afford a deposit you can not afford a house...you need to have a saving head on of thousands of pound on or imo you will struggle...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 -
If you can also raise another 10% deposit yourself, as well as their 10% deposit, and the property price is in line with other (older) properties in the area of a similar size, then I think it's great.
If you haven't got any savings yourself, then it's asking for trouble, as if you're not good at saving, you shouldn't be buying a house.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
You don't need a deposit to buy a house..
I put a deposit on one property and transferred the amount to 0% credit card.
Play the game people and you can get what you want
Tass0 -
You don't need a deposit to buy a house..
I put a deposit on one property and transferred the amount to 0% credit card.
Play the game people and you can get what you want
Tass
And what are you going to do when the 0% Credit Cards stop? It'll happen eventually.
The OP should ask the Builder to drop the price by 5% and then pay 5% deposit. He'll then get a 95% mortgage, but some lenders would charge a High Lending Fee. If he can raise a 5% deposit him self in order to keep the Loan to Value Ratio to 90% or less, then he'll get a better interest rate and better deal all round than the 95% deals. Keeping it to 90% will get more options of mortgags without the High Lending Charge too.I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.0 -
Ian_Griffiths_Halifax wrote: »And what are you going to do when the 0% Credit Cards stop? It'll happen eventually.
Already has pretty much. They all charge balance transfer fees now.Ian_Griffiths_Halifax wrote: »The OP should ask the Builder to drop the price by 5% and then pay 5% deposit. He'll then get a 95% mortgage, but some lenders would charge a High Lending Fee. If he can raise a 5% deposit him self in order to keep the Loan to Value Ratio to 90% or less, then he'll get a better interest rate and better deal all round than the 95% deals. Keeping it to 90% will get more options of mortgags without the High Lending Charge too.
2 points:
1) No-one will lend you 95% on a new build, especially not with a gifted deposit.
2) No-one will lend you 95% on a new build, especially not with a gifted deposit.
Technically that's the same point repeated, but it was such an important point, I thought it was worth mentioning twice.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
2 points:
1) No-one will lend you 95% on a new build, especially not with a gifted deposit.
2) No-one will lend you 95% on a new build, especially not with a gifted deposit.
Technically that's the same point repeated, but it was such an important point, I thought it was worth mentioning twice.
2 points:
1) Yes-they will.
2) Yes-they will.
Technically that's the same point repeated, but it was such an important point, I thought it was worth mentioning twice.
If you don't know what you are talking about, don't come the smart 4rse!I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.0 -
Ian_Griffiths_Halifax wrote: »2 points:
1) Yes-they will.
2) Yes-they will.
Technically that's the same point repeated, but it was such an important point, I thought it was worth mentioning twice.
If you don't know what you are talking about, don't come the smart 4rse!
Dare I ask...who? Not being sarcastic, really interested! Which lenders consider builder deposits - thinking of matching their 5% with 5% of our own to get LTV to 90%.0
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