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  1. #1
    RonniePes
    Guest

    Buying House - Deposi

    I am looking at purchasing a new house in Scotland that has had a home report completed and has a value of 220k. The sellers circumstances have changed and they are looking for a reduced price of 205k. Would I still need to put down a deposit??

  2. #2
    Almost certainly yes, given there is almost no such thing as 100% mortgages these days. Mortgage LTV percentages use the lower of the valuation or the purchase price as the value.

  3. #3
    The bigger % deposit you put down, the better mortgage rate you get. Use this opportunity to get yourself a better deal and fix before rates start to climb higher.

  4. #4
    Vendor gifted deposit no longer exists, unless this is a landlord to tenant, or close family-linked sale.


 

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