Vendor gifted deposit

[happy_2008]

Watch out as the Lender will not take into account the gifted deposit into there valuations. a lot of people fail to proceed with properties due to this

 

[Gilly]

I didn't really want fixed rate for longer than 2 years. Think there'll still be much better deals by then. The reason we're taking that deal is because Halifax are the only ones doing the vendor paid deposit so it was direct with them or through a broker.

I'm quite happy with the deal we have, the brokers were all at least 1% higher without any fees paid.

Watch out as the Lender will not take into account the gifted deposit into there valuations. a lot of people fail to proceed with properties due to this

How do you mean?

We're at the bank tomorrow morning to check everything is right.

 

[The Halk]

Yes, I think you've done alright Gilly. To be honest I didn't know Halifax were doing that type of loan. Have you seen a desktop valuation of the property yet?

 

[Gilly]

No, surveyor and valuation reports due COP Monday

[edit]Oh, and it comes fully furnished too. Everything you could think of bar a dishwasher and a jacuzzi.

 

[The Halk]

Only other thing is the revert rate. With any luck you'll revert to the SVR after the 2 years... in that case with such low equity it could be the best deal around. Assuming you do revert to the SVR then you shouldn't be too bad. SVRs didn't come all the way down with base rates so I don't expect them to go all the way back up when it goes (eventually) to 5% or so.

 

[Gilly]

It does revert to the SVR, which at the moment is 3.99 IIRC.

 

[The Halk]

Fingers crossed for the survey and you're all set then.

 

[Jono]

No, surveyor and valuation reports due COP Monday

[edit]Oh, and it comes fully furnished too. Everything you could think of bar a dishwasher and a jacuzzi.

Well you have a woman for the first, and Baked Beans for the latter.

 

[Gilly]

She's pregnant, she can manage both