Buying a house, deposit question.

shep_no_platinum

shep_no_platinum

shep_no_platinum

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Joined
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Blackpool
So I'm looking into buying a house, obviously first thing is saving for the 10% deposit needed.

I've seen a lovely house where the owner has said they will physically pay the 10% deposit into the buyers bank account and you use this as you're deposit when getting a mortage. The only catch is you buy the property at full asking price with no offers.

This seems like a really kind gesture but aren't they just getting their money back in the long run and I'm getting a 90% mortgage without the hassle of having to save £10k+?

Cheera
 
It's a pre-owned 3 bed semi, I know the house well as its my dads friends. Honest chap an wouldn't swindle me. Just trying to help people get on the property ladder i take?

At the end of the day if he gave me £20,000k for a deposit he'd still get it back right?
 
No, it's worth £120,000 to £130,000. It's just been valued by Halifax as he's just got divorced, remortgaged the house and bought his x wife out. He has money spare but just wants to get rid of the house and move on from that part of his life. So basically I'm getting it for £113,000 even though it's worth £125,000 as he's givin me the £12k for my deposit.

It's not a case of its worth £113,000 but I'm pretending it's worth £125k so the seller gets more... That is fraud!
 
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Exactly and the bank valued it at £120-£130k...

Lol jail? I'm getting £12k off someone and then using it as a deposit. That's normal, just like my parents or anyone else giving me the money.

I'm then buying a house for the asking price... Not anymore, not £12,000 more than what it's worth (which is fraud). Sigh

Just close the thread.
 
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