Jokes1 min ago
Vendor deposit contributions?
I'm looking into the possibility of buying my first flat, and a common feature seems to be "X% deposit paid by vendor", to encourage people like my by lowering the required LTV. Do people know of any issues with such offers - for example, in the way lenders will treat me? Any thoughts welcome...thanks.
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For more on marking an answer as the "Best Answer", please visit our FAQ.It is another way of lowering their price AND helping the purchaser with getting a mortgage - there is usually a clause with thr solicitor that if the purchaser backs out they cannot have the deposit!! Makes sense really - if you have your deposit assume they will be willing to knock their price down by the 5%
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