Deposit query

Hi folks,
My father is selling his property to me, it's current value is just over 90k. He is offering it to me for 80k so would I still need a deposit?
Thank you.

Comments

  • sal_III
    sal_III Posts: 1,953
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    If you are going to fund the purchase with a mortgage - yes.
  • amnblog
    amnblog Posts: 12,412
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    Yes, if you have a poor credit history, it values up OK, and you use the right lender.

    No, if you have a decent credit history, it values up OK, and you use the right lender.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreet
    kingstreet Posts: 38,690
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    How have you established the current value?

    Hopefully not from an estate agent's marketing appraisal.

    If you follow the idea of a concessionary purchase, a surveyor is going to value the property for the lender and the whole case is going to fall apart if the valuation doesn't stack up.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • ladybabe
    ladybabe Posts: 374
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    if you are taking a mortgage then yes, how much depends on credit score
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